The Social Security and National Insurance Trust (SSNIT) has failed to sell 192 housing units built with workers’ contributions for over six years, raising concerns about asset deterioration and value loss.
The unsold properties include over 40 townhouses at Sakumono and 152 apartments at Klagon, both completed and handed over by RSS Developers Ltd in 2019.
Despite their readiness for occupancy, none of the units have been sold, and there is no documented evidence of active marketing efforts by SSNIT or its agents.
This revelation is detailed in the Report of the Auditor-General on the Public Accounts of Ghana: Public Boards, Corporations and Other Statutory Institutions for the Period Ended 31 December 2024.
KPMG recommended pricing since 2019 ignored
The Auditor-General’s report revealed that a value-for-money audit conducted by KPMG in February 2019, at SSNIT’s request, established the market value of the units and recommended pricing to facilitate timely sales.
The suggested benchmarks are $564,000 for a four-bedroom detached house, $480,000 for a four-bedroom semi-detached, $123,000 for a three-bedroom apartment and $82,000 for a two-bedroom apartment
KPMG further advised that the units be priced at a discounted rate to ensure faster uptake, a recommendation supported by RSS Developers in their 2023 Facilities Management and Marketing Proposal.
Yet, the report noted that six years later, SSNIT has not implemented the recommended prices nor initiated any significant marketing strategy to attract buyers.
Audit warns of deterioration and falling value
The Auditor-General cautioned that continued delays in selling the properties may lead to physical deterioration, which would subsequently depress their market values.
The absence of any documented marketing efforts suggests the Trust is at risk of incurring further losses on investments made with pensioners’ funds.
The report strongly recommended that SSNIT Management devise and implement effective sales strategies to recover the investments made in the housing units.
SSNIT lands
Also, thousands of acres of land belonging to the SSNIT valued at more than GH¢851 million have been illegally encroached across multiple locations in Ghana.
A total of 3,161.25 acres of SSNIT lands have been taken over by private individuals and developers.
These properties—spread across the country—are collectively valued at over GH¢851 million (GH¢851,283,444.14).
This revelation is detailed in the Report of the Auditor-General on the Public Accounts of Ghana: Public Boards, Corporations and Other Statutory Institutions for the Period Ended 31 December 2024.
Inspections carried out by the Auditor-General’s team at Bortianor near West Hills and Odupong in the Kasoa area confirmed widespread encroachment.
The report states that these lands, originally acquired by SSNIT for strategic investment purposes, have been “fully occupied,” with little room for recovery unless decisive legal steps are taken.
In the Ashanti Region, the audit discovered that SSNIT had not registered a parcel of land at Adum in Kumasi in its name as of May 2024.
This failure to regularise ownership presents yet another vulnerability in the Trust’s land portfolio.
