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The Social Security and National Insurance Trust (SSNIT) is facing mounting public scrutiny and financial accountability concerns after revelations that it has failed to sell 192 housing units built with pension contributions for over six years.
This has sparked fears of asset deterioration and further losses to workers’ retirement savings.
According to the Auditor-General’s Report on the Public Accounts of Ghana: Public Boards, Corporations and Other Statutory Institutions for the Period Ended 31 December 2024, the properties in question include more than 40 luxury townhouses at Sakumono and 152 apartments at Klagon, both of which were completed and handed over by RSS Developers Ltd in 2019.
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Despite being fully completed and fit for occupancy, the housing units remain unsold, and no documented evidence of marketing or active sales initiatives by SSNIT or its agents could be found in the report.
Pricing Delays Despite Market Valuation
A value-for-money audit conducted by global consultancy firm KPMG in February 2019—commissioned by SSNIT itself—valued the units and provided recommended market prices to facilitate timely sales. The audit suggested the following price points:
- $564,000 for a four-bedroom detached house
- $480,000 for a four-bedroom semi-detached house
- $123,000 for a three-bedroom apartment
- $82,000 for a two-bedroom apartment
KPMG further advised that the units be offered at discounted rates to improve market appeal and accelerate sales—an approach also endorsed by RSS Developers in their 2023 Facilities Management and Marketing Proposal.
Yet, six years later, SSNIT has failed to adopt the pricing recommendations or roll out any structured sales campaign. The Auditor-General warned that the prolonged delay in selling the properties not only risks severe physical deterioration of the units but also threatens to reduce their market value significantly — a situation that could translate into further financial losses for pensioners.
Auditor-General Raises Red Flag Over Asset Mismanagement
The Auditor-General’s report issued a stern caution to SSNIT Management, urging the Trust to devise and implement a robust sales strategy without further delay. The report stressed that failure to act promptly may result in sunk costs and the irreversible erosion of pension fund assets.
The absence of a documented marketing plan or public sales rollout raises troubling questions about SSNIT’s stewardship of workers’ contributions, especially amid a challenging economic climate where housing demand remains strong in urban centres like Accra.
Over GH¢851 Million in SSNIT Lands Illegally Encroached
The report further uncovered that thousands of acres of land belonging to SSNIT—acquired over the years for strategic investment purposes—have been illegally encroached upon across multiple regions of Ghana. A staggering 3,161.25 acres, valued at GH¢851,283,444.14, have been taken over by private individuals and developers without legal clearance.
On-site inspections conducted by the audit team revealed rampant encroachments at locations such as Bortianor near West Hills Mall and Odupong in the Kasoa enclave, where lands originally secured by SSNIT have been completely built over with no practical means of recovery unless legal action is taken.
In the Ashanti Region, the audit flagged another major lapse: a parcel of SSNIT land at Adum in Kumasi had not been registered in the Trust’s name as of May 2024. This failure to regularise land titles exposes the Trust to further risk of loss, including legal disputes and potential forfeiture.
Calls for Urgent Reforms and Accountability
The findings of the Auditor-General have triggered calls from civil society groups and labour unions for urgent reforms in the management of SSNIT’s real estate assets. Many stakeholders argue that mismanagement of such magnitude undermines public trust and threatens the long-term sustainability of the pension system.
As the custodian of Ghanaian workers’ retirement contributions, SSNIT is mandated to ensure that its investments are not only safe but yield returns to secure the future of pensioners. With over GH¢851 million in land losses and prime real estate left idle for years, pressure is mounting on SSNIT’s leadership to take decisive action, pursue legal redress, and implement immediate marketing and asset recovery strategies.
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