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Business News of Wednesday, 23 August 2017


SSNIT spends $66m on malfunctioning IT project

Social Security and National Insurance Trust, SSNIT spent about $66 million on a malfunctioning Information Technology infrastructure - operational business suite (OBS) last year.

The project which was meant to provide customers with convenience in service delivery has failed to operate effectively raising issues about the procurement process.

General Manager in charge of Finance at SSNIT, Michael Addo, noted that the said amount was used to acquire computers and other software components

SSNIT has therefore commissioned Price Waterhouse Coopers, PWC to undertake a review of assets and liabilities of the Trust as of March 2017.

PwC will also undertake a review and baseline assessment of SSNIT’s ICT system.

The exercise will enable SSNIT know the true state of its investments in the country.

This is also geared towards ascertaining the true financial value of its assets and thereby enables it take prudent investment decisions going forward.

Addressing the media, Chairman of the Board of Trustees of SSNIT, Dr. Kwame Addo Kufuor said the exercise is aimed at redirecting SSNIT’s investments into profitable ventures to the benefit of stakeholders.

He said, “SSNIT must endeavor to partner the private sector to flourish thereby helping to establish more enterprises which would become avenues for youth employment.”

“Unfortunately, over the years, SSNIT has been bedeviled with several challenges” he said.

He said even though the Trust has made high investments into its ICT infrastructure, the returns are low and therefore the need for thorough auditing.