Ghana government’s debt to the country’s Social Security and National Trust (SSNIT) has reached Ghc560 million.
According to the recent edition of SSNIT’s five-year trend report, governments indebtedness to the trust stood at Ghc560 million as at December 2015, representing 87.5% of the total indebtedness to the social security fund.
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Total indebtedness to the fund, now stands at Ghc640 million with about Ghc79 million owed by private businesses and the rest by public institutions across the country.
On a brighter outlook, both the public and private institutions witnessed a significant drop in their indebtedness to the SSNIT.
Together both pushed the social security trust’s total indebtedness to its highest of Ghc1.2 billion in 2013; with the private sector debt to SSNIT at the time standing at Ghc101 million.
Furthermore, a year on year analysis indicated that SSNIT has reduced its level of indebted of both the public and private institutions by 50% from the 2014 figure (Ghc 1.15 billion).
Expressing confidence in the performance of the trust and optimism in its future, Chairman of the Board of Trustees, Dr. Kwame Addo Kufour said the board will ensure SSNIT is run efficiently.
As part of some measures to improve on the existing level of efficiency in the management of SNNIT, the board earlier in August 2017 launched an investigation into a controversial purchase of a BOS software System which cost the trust a staggering $66 million.