The Board of the Social Security and National Insurance Trust (SSNIT) has been faulted for failing to demand accountability leading to wanton mismanagement of pension funds in a $147m ICT project that is partially faulty.
After reviewing more than seven years of board minutes from 2010 to 2017, a Price Waterhouse Coopers report found that the Joshua Alabi-led SSNIT board;
"...did not appear to demand accountability when the issue of poor overspending and poor project management were brought to their attention"
The project to automate SSNIT operations was initially planned to cost $38m but jumped by close to 400% to hit $147million over the course of four years from 2012 to 2016.
The independent assessment report also found no evidence that SSNIT board's directive in November 2016 for an audit was carried out.
Already the Director-General at the time Ernest Thompson has been marked down for possible prosecution for causing financial loss to the state.
Photo: Ernest Thompson
Professor Joshua Alabi who is believed to eyeing the presidency and on the ticket of the opposition NDC has also accused Ernest Thompson of spending $34m in additional cost on the controversial ICT contract without prior approval of the board.
He has however maintained the Board did not wrong in its oversight role.
He has said the matter is not worth the description of a scandal and accused the media of blowing things out of proportion.
The report has recommended that SSNIT considers replacing the project on pension administration solutions because improving the current ICT infrastructure may come with "potentially significant costs" without "commensurate benefits".
The Price Waterhouse Coopers (PwC) cost SSNIT 500,000 cedis. The assesment was initiated following the appointment of a new management and Board after a change in government in 2017.