{"id":330230,"date":"2017-06-21T06:00:51","date_gmt":"2017-06-21T06:00:51","guid":{"rendered":"http:\/\/citifmonline.com\/?p=330230"},"modified":"2017-06-21T06:00:51","modified_gmt":"2017-06-21T06:00:51","slug":"new-management-commissions-audit-of-ssnits-operations","status":"publish","type":"post","link":"https:\/\/citifmonline.com\/2017\/06\/new-management-commissions-audit-of-ssnits-operations\/","title":{"rendered":"New management commissions audit of SSNIT\u2019s operations"},"content":{"rendered":"
The Social Security and National Insurance Trust (SSNIT) has begun processes to audit the Trust to improve its operations.<\/p>\n
The exercise is among others expected to inform the managers of SSNIT on the current position of the pensions\u2019 regulator.<\/p>\n
It is also expected to give an understanding of what new measures ought to be implemented to make the pension Trust a competitive one within the sub-region and beyond.<\/p>\n
The Director General of SSNIT, John Ofori Tenkorang who disclosed this to Citi Business News<\/strong> also explained that the audit is largely different from a forensic one on the operations of the Trust.<\/p>\n \u201cSince we are new we want to establish a baseline, as to the kind of SSNIT we are inheriting. It is not a forensic audit but a baseline one where they will come and look at all our operations. It is only after we have been able to do that then we will be able to roll out new policies,\u201d Mr. Tenkorang stated.<\/p>\n The Vice President, Dr. Mahamudu Bawumia prior to the 2016 general elections asserted that SSNIT is facing huge financial constraints<\/a> <\/strong><\/span>over mismanagement of the entity\u2019s resources.<\/p>\n Citing a World Bank report, he further warned that the actuarial valuation shows that the fund will become a cash flow negative in 2019 and all assets will be used up by 2031.<\/p>\n