A former Managing Director of SIC Insurance, Peter Osei Duah, has called for more investigative powers for the National Pensions Regulatory Authority (NPRA) to enable it adequately regulate the industry.
He said the Authority is constrained in its oversight role over the Social Security and National Insurance Trust (SSNIT), due to the lack of express powers assigned the Authority.
SSNIT has been in the news over a $72 million software project, making some members question the viability of the fund.
[contextly_sidebar id=”CCgokAGpqB2PdX5CsTMn5mjDXwQRtXYy”]But speaking at a Graphic Business Forum on the pension fund on Tuesday, Mr. Osei Duah said the NPRA must be empowered to do more.
“I believe the problem we have is very simple – the entity that is supposed to regulate SSNIT, the national pension regulatory authority is nowhere as powerful as SSNIT. I think all of you will agree with me on that. Until that change, I do not see anything changing. We need to have a situation where it becomes clear that SSNIT reports to the National Pension Regulatory Authority. We need to empower my good friend here [NPRA boss] and give him enough powers to summon the Director General of SSNIT and anybody including their board chairman to his office and query them,” he said.
The former SIC boss noted that, most people will clamour to be on the board of SSNIT instead of NPRA “even though that is a higher authority, and that should tell you why we are having the problems we are having. “
“So my point is that, we need to be a little more interested in what SSNIT is doing, we need to give the NPRA enough investigative powers,” he added.
Background
SSNIT is being investigated by EOCO for blowing $72 million on procuring and installing a software and other hardware systems known as the Operational Business Suite in a bid to digitize the Trust.
The cost, which was originally $34 million, later ballooned to $66 million and then to $72 million due to maintenance and additional infrastructure.
The Board Chairman of SSNIT, Kwame Addo Kufuor, in an earlier interview with Citi News, said about 15 people had appeared before EOCO as witnesses in the matter.
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By: Sixtus Dong Ullo/citifmonline.com/Ghana