The Director General of Social Security and National Insurance Trust (SSNIT) John Ofori-Tenkorang has said the losses they made in 2018 and 2019 is due to delays in government paying the pension funds it withholds for the public sector workers.
According to him, there was a shortfall from the anticipated remittances from the controller accountant general in respect of public sector workers’ contributions hence the reason they record some losses.
“2018 we recorded a deficit and same in 2019, the auditors also recognized that we had a marginal increase in revenue but the biggest part of our expense which is the direct expenditure which is the pensions that we pay went up significantly. They also noted that our operational expenses actually their administrative expense went down by 18 million Ghana cedis fall in administrative cost.
“What led to these loses in both period were shortfall that we experienced from the anticipated remittances from the controller accountant general in respect of public sector worker’s contributions,” he said
Speaking during his appearance at the Public Account Committee he added that his institution has however recorded surpluses in 2020 and 2021.
“I am happy to report that in 2020 we recorded a surplus of about 1.2 billion Ghana cedis so basically the two surpluses have been whipped off.
2021 recorded a marginal deficit of about 302 million Ghana cedis. 2022 is actually going to be a surplus,” he said.
NYA/FNOQ
