Market
TV
Friday, July 11, 2025
Nsemgh
  • News
    • All
    • Breaking News
    • Local News
    • World News
    EC Reschedules District Level Elections In Parts Of Ashanti And Eastern Regions

    Ablekuma North votes in crucial Parliamentary rerun today

    Trump suspends new student visa appointments, Ghanaian applicants affected

    New “Visa Integrity Fee” Explained

    LGBTQ+ Community After Our Lives – Dafeamekpor Cries Out

    Ghana Abstains from UN Vote on Anti-LGBTQ+ Resolution, Raising Eyebrows at Home and Abroad

    Zelenskiy tells MEPs that the only way to preserve European principles is for Ukraine to triumph

    Nigeria Shuts Down Schengen Visa Outlet Over Consumer Rights Violations

    • Local News
    • World News
    • Breaking News
  • BUSINESS
    Lula on verge to win Brazil election

    10 key points to understand another week of Trump tariff turmoil

    GRA Sets May 1, 2023 As Implementation Date For 3 Key Tax Measures

    GRA Slaps 15% Tax on Insurance Premiums, Sparking Public Concern

    Good News For Gold Smuggling Whistleblowers

    Oil prices drop after Israel confirms ceasefire with Iran

    Trump $600 million war Chest: How he want to control midterm election

    Trump says UK is protected from tariffs ‘because I like them

  • ENTERTAINMENT
    • All
    • Religion
    Sean ‘Diddy’ Combs ‘had new baby girl with cybersecurity worker’

    Diddy Denied Bail Following Partial Conviction in High‑Profile Trial

    18 Companies Cut Ties With Diddy Over Sexual Assault Allegations

    Diddy Found Guilty on Prostitution Charges, Cleared of Racketeering and Sex Trafficking

    Sean ‘Diddy’ Combs ‘had new baby girl with cybersecurity worker’

    Jurors Begin Deliberations in Sean “Diddy” Combs’ Sex-Trafficking Trial

    18 Companies Cut Ties With Diddy Over Sexual Assault Allegations

    Prosecutors Narrow Charges and Defense Rests in Sean “Diddy” Combs’ Trial

    • Religion
  • TECHNOLOGY
    • All
    • Architecture
    • Automobile
    ‘Defend whenever necessary!’ EU ramps up Indo-Pacific presence following China fears

    BYD launches cheapest UK model in bid to overtake Tesla

    England: Bus fares across England are being slashed to just £2 from today

    Norway Debuts Dedicated Toll Road, Buses Now Pay

    Tesla accidentally leaks all upcoming Supercharger locations

    Tesla share plunge amid Trump feud wipes $152bn off Elon Musk’s company

    German Startup Offers Cryogenic Freezing of Bodies for Future Revival 

    German Startup Offers Cryogenic Freezing of Bodies for Future Revival 

    • Architecture
    • Automobile
  • Features
    • All
    • Announcement
    • Obituary
    • Opinion
    Ghana Cedi Becomes World’s Best-performing Currency As IMF Approval For Bailout Expected

    Cedi’s Surge: Unpacking Ghana’s Currency Strength in 2025

    Geography has given the US unrivaled security. Trump is destroying it

    Geography has given the US unrivaled security. Trump is destroying it

    How Mahama Ban on First-Class Travel for Ministers Can Save Ghana

    How Mahama Ban on First-Class Travel for Ministers Can Save Ghana

    Trump tariffs ‘dumbest trade war in history’- WSJ

    Trump tariffs ‘dumbest trade war in history’- WSJ

    • Opinion
    • Announcement
    • Obituary
  • Health
    Zambia begins door-to-door COVID-19 vaccination

    New COVID Variant ‘Nimbus’ Detected in Ghana; University of Ghana Suspends All Open Campus Activities

    COVID-19 Still Here, Observe Protocol — Dr James Duah

    Need for vigilance amid new ‘Nimbus’ COVID variant

    Shisha Smoking Raises Heart Rates And High Blood Pressure: A National Call For Action

    Tobacco exposure killed more than 7m people in 2023, study finds

    China Achieves World-First in Reversing Diabetes with Stem Cell Therapy 

    China Achieves World-First in Reversing Diabetes with Stem Cell Therapy 

  • LIFE STYLE
    • All
    • Fashion
    Pesticides contributing to early deterioration of perishable food items – Scientists

    Pesticides contributing to early deterioration of perishable food items – Scientists

    Microplastics discovered in human penises for the first time

    Microplastics discovered in human penises for the first time

    Woman rejected after a job interview for not wearing makeup

    Woman rejected after a job interview for not wearing makeup

    Irish Chef Alan Fisher Breaks Hilda Baci’s GWR For Longest Cooking Marathon

    Irish Chef Alan Fisher Breaks Hilda Baci’s GWR For Longest Cooking Marathon

    • Fashion
  • Sports
    • All
    • Local Sport
    • World Sport
    Barcelona crowned La Liga champions

    Barcelona crowned La Liga champions

    Government To ‘Reset” Ghana Football?

    Government To ‘Reset” Ghana Football?

    Champions League: Liverpool 2-0 Real Madrid

    Champions League: Liverpool 2-0 Real Madrid

    Man United sack Erik ten Hag;Ruud van Nistelrooy is interim Manager

    Man United sack Erik ten Hag;Ruud van Nistelrooy is interim Manager

    • Local Sports
    • World Sport
  • Login
  • Register
No Result
View All Result
  • News
    • All
    • Breaking News
    • Local News
    • World News
    EC Reschedules District Level Elections In Parts Of Ashanti And Eastern Regions

    Ablekuma North votes in crucial Parliamentary rerun today

    Trump suspends new student visa appointments, Ghanaian applicants affected

    New “Visa Integrity Fee” Explained

    LGBTQ+ Community After Our Lives – Dafeamekpor Cries Out

    Ghana Abstains from UN Vote on Anti-LGBTQ+ Resolution, Raising Eyebrows at Home and Abroad

    Zelenskiy tells MEPs that the only way to preserve European principles is for Ukraine to triumph

    Nigeria Shuts Down Schengen Visa Outlet Over Consumer Rights Violations

    • Local News
    • World News
    • Breaking News
  • BUSINESS
    Lula on verge to win Brazil election

    10 key points to understand another week of Trump tariff turmoil

    GRA Sets May 1, 2023 As Implementation Date For 3 Key Tax Measures

    GRA Slaps 15% Tax on Insurance Premiums, Sparking Public Concern

    Good News For Gold Smuggling Whistleblowers

    Oil prices drop after Israel confirms ceasefire with Iran

    Trump $600 million war Chest: How he want to control midterm election

    Trump says UK is protected from tariffs ‘because I like them

  • ENTERTAINMENT
    • All
    • Religion
    Sean ‘Diddy’ Combs ‘had new baby girl with cybersecurity worker’

    Diddy Denied Bail Following Partial Conviction in High‑Profile Trial

    18 Companies Cut Ties With Diddy Over Sexual Assault Allegations

    Diddy Found Guilty on Prostitution Charges, Cleared of Racketeering and Sex Trafficking

    Sean ‘Diddy’ Combs ‘had new baby girl with cybersecurity worker’

    Jurors Begin Deliberations in Sean “Diddy” Combs’ Sex-Trafficking Trial

    18 Companies Cut Ties With Diddy Over Sexual Assault Allegations

    Prosecutors Narrow Charges and Defense Rests in Sean “Diddy” Combs’ Trial

    • Religion
  • TECHNOLOGY
    • All
    • Architecture
    • Automobile
    ‘Defend whenever necessary!’ EU ramps up Indo-Pacific presence following China fears

    BYD launches cheapest UK model in bid to overtake Tesla

    England: Bus fares across England are being slashed to just £2 from today

    Norway Debuts Dedicated Toll Road, Buses Now Pay

    Tesla accidentally leaks all upcoming Supercharger locations

    Tesla share plunge amid Trump feud wipes $152bn off Elon Musk’s company

    German Startup Offers Cryogenic Freezing of Bodies for Future Revival 

    German Startup Offers Cryogenic Freezing of Bodies for Future Revival 

    • Architecture
    • Automobile
  • Features
    • All
    • Announcement
    • Obituary
    • Opinion
    Ghana Cedi Becomes World’s Best-performing Currency As IMF Approval For Bailout Expected

    Cedi’s Surge: Unpacking Ghana’s Currency Strength in 2025

    Geography has given the US unrivaled security. Trump is destroying it

    Geography has given the US unrivaled security. Trump is destroying it

    How Mahama Ban on First-Class Travel for Ministers Can Save Ghana

    How Mahama Ban on First-Class Travel for Ministers Can Save Ghana

    Trump tariffs ‘dumbest trade war in history’- WSJ

    Trump tariffs ‘dumbest trade war in history’- WSJ

    • Opinion
    • Announcement
    • Obituary
  • Health
    Zambia begins door-to-door COVID-19 vaccination

    New COVID Variant ‘Nimbus’ Detected in Ghana; University of Ghana Suspends All Open Campus Activities

    COVID-19 Still Here, Observe Protocol — Dr James Duah

    Need for vigilance amid new ‘Nimbus’ COVID variant

    Shisha Smoking Raises Heart Rates And High Blood Pressure: A National Call For Action

    Tobacco exposure killed more than 7m people in 2023, study finds

    China Achieves World-First in Reversing Diabetes with Stem Cell Therapy 

    China Achieves World-First in Reversing Diabetes with Stem Cell Therapy 

  • LIFE STYLE
    • All
    • Fashion
    Pesticides contributing to early deterioration of perishable food items – Scientists

    Pesticides contributing to early deterioration of perishable food items – Scientists

    Microplastics discovered in human penises for the first time

    Microplastics discovered in human penises for the first time

    Woman rejected after a job interview for not wearing makeup

    Woman rejected after a job interview for not wearing makeup

    Irish Chef Alan Fisher Breaks Hilda Baci’s GWR For Longest Cooking Marathon

    Irish Chef Alan Fisher Breaks Hilda Baci’s GWR For Longest Cooking Marathon

    • Fashion
  • Sports
    • All
    • Local Sport
    • World Sport
    Barcelona crowned La Liga champions

    Barcelona crowned La Liga champions

    Government To ‘Reset” Ghana Football?

    Government To ‘Reset” Ghana Football?

    Champions League: Liverpool 2-0 Real Madrid

    Champions League: Liverpool 2-0 Real Madrid

    Man United sack Erik ten Hag;Ruud van Nistelrooy is interim Manager

    Man United sack Erik ten Hag;Ruud van Nistelrooy is interim Manager

    • Local Sports
    • World Sport
No Result
View All Result
Nsemgh
Home Business

SSNIT’s US$206m locked up in 4 JVs – 2021 A-G’s report

3 years ago
in Business
Reading Time: 4 mins read
0
A A
0
SSNIT’s US$206m locked up in 4 JVs – 2021 A-G’s report
Share on Telegram

Investments of the Social Security and National Insurance Trust (SSNIT) worth US$206 million have been locked up in four Joint Venture projects, the 2021 report of the Auditor-General has revealed.

Section 7 of the Public Financial Management Act, 2016 (Act 921) states that, a Principal Spending Officer of a covered entity shall ensure the regularity and proper use of money appropriated in that covered entity.

Also, Section 2 (2.64) of SSNIT’s Investment Policy and Guidelines (IPG) 2019 require sassets to be managed in relation to projected cash flows (i.e., liquidity), portfolio quality and avoidance of excessive exposure to a particular sector/companies.

“We reviewed the investment reports on Unlisted Companies 2021 and noted that the Trust has over US$206 million of its investible funds locked up in 4 joint ventures projects. Our reviews showed that, between 2008 and 2014, SSNIT and four other companies entered into a joint venture agreement to undertake projects in the real estate sector”, the A-G’s report said.

The projects included: RSS, Switchback, Trust F-Line and West Hills Ridge project. The Switchback Ltd project started in 2008, RSS started in 2009 while the Trust F-Line and West Hills Ridge commenced in 2014.

RelatedStories

10 key points to understand another week of Trump tariff turmoil

GRA Slaps 15% Tax on Insurance Premiums, Sparking Public Concern

Oil prices drop after Israel confirms ceasefire with Iran

Trump says UK is protected from tariffs ‘because I like them

Israel–Iran War: How exposed is Ghana?

Fuel Levy Controversy: Mahama Government Accused of Masking Budget Shortfall as Dumsor Tax

All the four projects were estimated to cost US$240 million.

“Our review of projects files and inspection of 3 of the projects disclosed that, they were at various stages of completion. We noted during our inspection that, phase 1 of RSS projects had completed whilst phases 2, 3 and 4 were halted. Our review of unlisted equities reports also showed that, SSNIT has so far spent US$ 206 million on RSS, F-Line and West Hill projects”, the report noted.

It said the amount of money spent on Switchback project and updated expenditure on RSS, FLine and West Hill Ridge were not provided by Trust to the team despite all efforts.

The report noted that the schedule officer-in-charge of Unlisted Equity disclosed to the audit team that, the projects have stalled due to lack of funds to complete them. He indicated that, starting the projects concurrently in 2008 and 2014 created financial challenges to the Trust.

The KPMG Value for Money Audit (VFM) conducted in 2018 also attributed the delay in completing RSS project for instance, to financial challenges.

The schedule officer-in-charge of Unlisted Equities further indicated that the projects started at a time when the real estate market showed signs of growth with high demand from prospective buyers, however, the unexpected economic crisis resulted in a decline in demand for real estate properties.

The audit team is of the view that, the management did not take due care and the Board did not exercise effective control over the Trust’s funds especially when the investment in the RSS and Trust F-Line have not been completed or yielded returns within 5 to 6 years, but the Trust still went ahead with similar investment with Switchback and West Hill Ridge Ltd in 2014.

The four projects, of which two started concurrently, have either been stalled or are in serious need of funds to continue.

“The JVCs are struggling to sell the completed apartments. Pension funds have been locked up in these projects, thereby aggravating the liquidity challenges of the Trust. It is uncertain when the funds already invested in these projects would be recouped to ensure sustainability of the Trust”, the report said.

It said: “Although the Board’s control over investment has improved lately, we recommended that the Trust takes steps to reduce its exposure on these projects. We also recommended that the Trust should avoid investing in multiplicity projects. We further urged the management to update the audit team with the various cost associated with the 4 projects, especially, Switch Back and West Hill projects”.

SSNIT’s response

Management in their response stated that “As a general solution common to all four investments, SSNIT Management has put in place a new Investment Policy and Guidelines document to guide the Trust on such transactions in future that includes that, SSNIT shall not enter into any joint venture agreement where a partner in the JV will be the contractor for the project the JV is to undertake.

RSS Developers

The real estate industry has been going through difficult times for the past four years and more. This is partly due to the oversupply of medium-to-high end properties, and economic downturns in the country and other parts of the world. Processes are almost complete for SSNIT to take over some of the assets of RSS to defray part of the loan owed SSNIT.

The strategy following the swap is to sell the apartments at current market rates which are much lower than the selling prices at the inception of the project. The Trust will also look to rent some of the properties in order to generate income and also to create greater visibility for the development in the market. The land that will be swapped will also be sold to attract more buyers to the development.

Trust F-Line Limited

Progress was limited from 2016 to 2019 due to the inability of the other partner, DVM Group, to secure its debt component for the completion of the project. SSNIT has provided additional finance by buying some of the units at a significant discount to help the company complete the project. It is expected that once the project is completed, the units would be quickly sold, due to the project’s location, quality, and competitive sale price of the apartments. Marketing and sale of the apartments are currently ongoing.

Switchback Developers Limited

Financing has become a challenge for this project as the first phase, Adinkra Heights is yet to be completed. SSNIT has purchased some of the land owned by the company and also, purchased some of the apartments at a significant discount to enable the company to have enough funds to complete the first phase. Marketing and sale of the apartments are ongoing. West Hills Ridge Company Ltd.

The SSNIT Management/Board conducted a value for money audit on the company. The audit led to the company saving US$30 million on the construction cost. SSNIT further stopped the continuation of the Phase 2 except for six blocks that construction was advanced and the Sports Centre, which is a very necessary complimentary facility. The project is steadily going on with sales ongoing for the completed units.”

Leave a Comment: Cancel reply

I agree to the Community Guidelines and Privacy Policy.

    Accra, GH
    Friday, July 11, 2025
    light rain
    26 ° c
    73%
    15.79mh
    98%
    27 c 23 c
    Fri
    28 c 23 c
    Sat
    27 c 24 c
    Sun
    26 c 24 c
    Mon
    Zambia begins door-to-door COVID-19 vaccination

    New COVID Variant ‘Nimbus’ Detected in Ghana; University of Ghana Suspends All Open Campus Activities

    26 June, 2025.
    0
    0

    Health authorities in Ghana have confirmed the detection of a new COVID-19 variant, codenamed Nimbus, sparking immediate public health concerns...

    COVID-19 Still Here, Observe Protocol — Dr James Duah

    Need for vigilance amid new ‘Nimbus’ COVID variant

    26 June, 2025.
    0
    0

    What you need to know NB.1.8.1. — also called "Nimbus” — is a subvariant of the dominant Omicron variant of...

    Sean ‘Diddy’ Combs ‘had new baby girl with cybersecurity worker’
    Entertainment

    Diddy Denied Bail Following Partial Conviction in High‑Profile Trial

    3 July, 2025.
    0
    18 Companies Cut Ties With Diddy Over Sexual Assault Allegations
    Entertainment

    Diddy Found Guilty on Prostitution Charges, Cleared of Racketeering and Sex Trafficking

    2 July, 2025.
    0
    Sean ‘Diddy’ Combs ‘had new baby girl with cybersecurity worker’
    Entertainment

    Jurors Begin Deliberations in Sean “Diddy” Combs’ Sex-Trafficking Trial

    1 July, 2025.
    0
    18 Companies Cut Ties With Diddy Over Sexual Assault Allegations
    Entertainment

    Prosecutors Narrow Charges and Defense Rests in Sean “Diddy” Combs’ Trial

    26 June, 2025.
    0
    Tyler Perry Is My Role Model – Jeffrey Nortey
    Entertainment

    Tyler Perry accused of sexual harassment and workplace gender violence

    18 June, 2025.
    0
    US Embassy In Accra To Increase Non-immigrant Visa Fees From May 30
    Breaking News

    U.S. Slashes Visa Validity for Ghanaian Citizens from 5 Years to 90 Days

    9 July, 2025.
    0
    ‘Nana Agradaa’ denied bail; case adjourned to October 13
    Breaking News

    Agradaa jailed 15 years for money doubling scam

    3 July, 2025.
    0
    Rights group: Israel approves over 4,000 new settler homes
    Breaking News

    Hospital in southern Israel hit by Iranian missile

    19 June, 2025.
    0
    Lithuania to supply Ukraine with NASAMS Lauchers
    Breaking News

    Iranian missiles have hit several sites in Israel

    15 June, 2025.
    0
    Montenegro shooting leaves 12 dead including gunman
    Breaking News

    Several dead in Graz,Austria school shooting

    10 June, 2025.
    0
    ‘Defend whenever necessary!’ EU ramps up Indo-Pacific presence following China fears
    Technology

    BYD launches cheapest UK model in bid to overtake Tesla

    13 June, 2025.
    0
    England: Bus fares across England are being slashed to just £2 from today
    Technology

    Norway Debuts Dedicated Toll Road, Buses Now Pay

    13 June, 2025.
    0
    Tesla accidentally leaks all upcoming Supercharger locations
    Business

    Tesla share plunge amid Trump feud wipes $152bn off Elon Musk’s company

    6 June, 2025.
    0
    German Startup Offers Cryogenic Freezing of Bodies for Future Revival 
    Technology

    German Startup Offers Cryogenic Freezing of Bodies for Future Revival 

    26 May, 2025.
    0
    France Plans to Deploy Robot Soldiers by 2040 in Military Modernization Drive
    Technology

    France Plans to Deploy Robot Soldiers by 2040 in Military Modernization Drive

    12 May, 2025.
    0
    • Ads
    • Advertise
    • About
    • ☕

    © 2025 Nsemgh | All Rights Reserved.

    Welcome Back!

    Login to your account below

    Forgotten Password? Sign Up

    Create New Account!

    Fill the forms below to register

    *By registering, you agree to the Terms of Use, Community Guidelines and Privacy Policy.
    All fields are required. Log In

    Retrieve your password

    Please enter your username or email address to reset your password.

    Log In

    Add New Playlist

    No Result
    View All Result
    • World News
    • Local News
    • Business
    • Entertainment
      • Religion
    • Technology
      • Architecture
      • Automobile
    • Features
      • Opinion
      • Announcement
      • Obituary
    • Health
    • Life Style
      • Fashion
    • Sports
      • World Sport
      • Local Sport
    • More
      • TV
      • Market
      • Advertise with Us
      • About
    • Get us Coffee ☕

    © 2025 Nsemgh | All Rights Reserved.

    We use cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.