0

A-G report: SSNIT engages MoF to ensure outstanding debt of GH¢3.3 billion is settled

SSNIT1212677 Social Security and National Insurance Trust (SSNIT)

Mon, 5 Sep 2022 Source: www.ghanaweb.com

The Social Insurance and National Insurance Trust (SSNIT) has indicated that is working with the Ministry of Finance to ensure that it settles an outstanding debt owed by government amounting to GH¢3.3 billion.

This comes after the 2021 Auditor General's report discovered the Government owed the Trust a sum of GH¢4.33 billion in debt payments.

But a statement issued by the Trust and sighted by GhanaWeb explained that government has so far made efforts to settle some of the debts. It also narrated how some of the debt came about.

“In 2020, two bonds totalling GH¢1.0 billion were received as part payment of the indebtedness”.

“the Controller and Accountant General Department (CAGD) as of December 31, 2020, owed the Trust ¢1.124 billion in respect of contribution receivable from Government of Ghana (GOG) employees. Also, per Section 64(1) of the National Pensions Act, 2008 (Act 766) and based on our previous recommendation, the Trust has imposed a penalty of 3% on delay payments by CAGD over the years to the tune of ¢3.209, bringing the total indebtedness of CAGD to GH¢4.334,” the statement said.

Meanwhile, the Auditor General's report further discovered that some 10 unlisted companies were yet to dividends to the SSNIT.

In its reponse, SSNIT said its management has been engaging in the restructuring some of the companies to ensure they are profitable enough to honor their dividend payments.

Read the full response of SSNIT to the A-G's report below



MA

Watch the latest episode of BizTech below:



Source: www.ghanaweb.com
Related Articles: