The Professor Joshua Alabi-led SSNIT conducted a value for money audit on the Trust's $150 million housing projects despite claims to the contrary, Myjoyonline.com has learnt.
Sources close to the NDC man in a statement Wednesday said, a thorough “investment viability appraisal” was done before the start of the two housing projects costing $150 million.
The projects included the 608 housing units at Dunkonah and the 1,760 housing units at Klagon which were undertaken in partnership with Regimmanuel Limited.
Related Article: Exclusive: Alabi led-SSNIT board ‘blows’ $150m on abandoned project
The sources said the report of the appraisal, conducted by experts at the Trust, contained “sensitivity analysis and established the financial viability of the said project.”
“This report went to the board, was analysed before the decision to approved the investment was done,” the statement said.
The statement was reacting to reports that SSNIT under the chairmanship of Prof Alabi, overturned a decision to conduct a value for money audit and post implementation audit on the two projects.
Records from the 279th SSNIT Board of Trustees meeting held on December 15 and 16, 2015, showed the decision was taken to conduct the audit before the projects commenced.
At the said meeting, only two Trustees of the Board were absent. They included then Deputy Finance Minister, Mona Quartey who represented the Finance Ministry and SSNIT’s Director-General, Ernest Thompson.
But at a later meeting which was attended by the two key Trustees, the decision to conduct the value for money audit was cancelled.
The minutes from the 288th SSNIT Board of Trustees meeting held on January 21, 2016, reflected the change.
The only person who was absent at the meeting was the representative of the Ghana Employers’ Association, Terence R. Darko. He had earlier pushed for the audit.
Three years after the two projects commenced, Joy News sources at SSNIT have disclosed, the new management is struggling to sell off the two projects to private investors.
But sources close to the former Board Chairman said, the Trust under Prof Alabi's leadership rather saved the projects.
"The Dunkonah land situated close to the West Hills Mall was bought over 10 years back. SSNIT was loosing the land through encroachments and this exacerbated as soon as the Mall was completed," the statement concluded.