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.