The 2020 report of the Auditor General on Public Boards, statutory institutions for the period ending has revealed that the Social Security and National Insurance Trust (SSNIT) has more than ¢440 million locked up in non-performing investment.

The report indicated that this amount is out of ¢1.8 billion of cash irregularities the report uncovered.

"Cash irregularities related to the misapplication of funds, nonretirement of imprest, payments not authenticated, payment of Board Allowances to Council Members without Ministerial approval, cash locked up in non-performing investments.

"Out of the total figure of GH¢1,802,692,515 cash irregularities, ¢442,730,876.74 represented cash locked up in non-performing investment by SSNIT."

The report continued that this was a result of poor oversight from SSNIT.

"These occurred as a result of poor oversight responsibility and nonexistent controls. Other contributory factors were finance officers’ failure to properly file and keep records, Management’s failure to ensure the security and safety of vital documents, non-maintenance of returned cheque registers, Management’s inertia in complying with procedures stipulated; in the Public Financial Management Act, and poor accounting systems."

The Auditor-General, therefore, advised managements of Public Boards, corporations and other institutions to strengthen supervisory controls over their finance offices and ensure that they adhere to the provisions of the Public Financial Management Act.

The Social Security and National Insurance Trust (SSNIT) registered a total loss of $11.79 million from the liquidation of three of its investments with a total cash outlay of $14.768 million. This is a revelation from the 2020 Auditor-General Report. The report, therefore, urged management to investigate the non-performance of the investments to ensure value for money.