The Civil and Local Government Staff Association of Ghana (CLOGSAG) is blaming the National Pensions Regulatory Authority for the Controller and Accountant General Department (CAGD)'s failure to transfer deducted pension funds to SSNIT.
The Auditor General's 2019 report on Public Boards, corporations and statutory institutions revealed that the controller and Accountant general failed to transfer ¢1.2 billion of public sector workers contribution to SSNIT.
But speaking to JoyNews, Public Relations Officer of CLOGSAG Edmund Acquaye noted that if the National Pensions Regulatory Authority (NPRA) was up to the task, this infraction would not have occurred.
He noted that 'NPRA is sitting down aloof allowing more irregularities to go on within the pension system and it is very bad.
NPRA is the regulator of Pensions, have we asked ourselves whether the NPRA is up to the task? We are facing more pension issues because the regulator is not doing its job. The regulator is supposed to ensure that sums of money that have deducted from workers salary are sent to the rightful scheme for it to be invested"
"We are joking with our pension as a nation, because if deductions have been made by the controller and Accountant general from workers salary right at source and it's being kept and not transfered to the various banks or otherwise SSNIT for it to be well invested and interests be made on those moneys and it's still being kept, then we are joking with our Pensions as a nation", he added.
CLOGSAG is also criticising the Social Security and National Insurance Trust for mismanaging the pension funds by investing in what they describe as unnecessary and misplaced projects.
According to Mr Edmund Quaye "today we see SSNIT investing in unnecessary projects. The administrative cost from SSNIT is too much. SSNIT's investment drive is misplaced."
"How can SSNIT carry Black Stars and say we are going to sponsor Black Stars and Black Stars supporters, so you sponsor them abroad with pensioners money, how can SSNIT build Bukom Arena, a boxing square with pensioners money, what kind of investment is that?" he asked.
Latest Stories
-
We didn’t sneak out 10 BVDs; they were auctioned as obsolete equipment – EC
23 mins -
King Charles to resume public duties after progress in cancer treatment
59 mins -
Arda Guler scores on first start in La Liga as Madrid beat Real Sociedad
1 hour -
Fatawu Issahaku’s Leicester City secures Premier League promotion after Leeds defeat
1 hour -
Anticipation builds as Junior Speller hosts nationwide auditions
2 hours -
Etse Sikanku: The driver’s mate conundrum
2 hours -
IMF Deputy Chief worried large chunk of Eurobonds is used to service debt
3 hours -
Otumfuo Osei Tutu II celebrates 25 years of peaceful rule on golden stool
3 hours -
We have enough funds to pay accruing benefits; we’ve never missed pension payments since 1991 – SSNIT
3 hours -
Let’s embrace shared vision and propel National Banking College – First Deputy Governor
4 hours -
Liverpool agree compensation deal with Feyenoord for Slot
4 hours -
Ejisu by-election: There’s no evidence of NPP engaging in vote-buying – Ahiagbah
4 hours -
Ejisu by-election: Independent ex-NPP MP’s campaign team warns party against dubious tactics
4 hours -
ZEN Petroleum supports Tse-Addo Future Leaders School
5 hours -
NPP must win back Adentan seat in 2024 polls – Obeng Fosu
5 hours