Ghana@50 hearing: SSNIT querried for poor investment

The General Manager in charge of Investment at the Social Security and National Insurance Trust (SSNIT), Michael Adotey Addo, has defended investments made into the construction of AU Houses for guests of Ghana@50.

Justice Isaac Duose, Chairman of the Ghana@50 Commission at its third public hearing on Monday, questioned why SSNIT sunk $12 million into the construction of some plush mansions to house Heads of States for the Ghana@50 celebration.

The loan was given to the AU Development Consortium, made up of three banks - Prudential Bank, Agricultural Development Bank and the National Investment Bank.

But Mr Adotey Addo maintained it was prudent investment, with a guarantee that the loan will be repaid.

He also hoped the houses each costing $600,000, will be sold early enough in order for them to recoup their investment.

Prior to the loan agreement, the land was estimated at a cost of $4.5 million, but the amount has since shot up to $11.29 million barely three years after the houses were built.

Mr. Adotey dismissed assertions that SSNIT may have been shortchanged especially when they did not value the land themselves and took the estimated value provided by the consortium.

Joy News correspondent Samson Lardi Ayenini confirmed only $2 million dollars have been paid so far, two years after the celebration.

Mr. Akoto Ampaw, counsel for Dr. Charles Wereko-Brobbey, CEO of the defunct Ghana@50 secretariat also expressed concern over why it had to take close to three years for the land valuation to complete its reports.

He said his client could not be blamed for the seeming lack of buyers for the houses, saying, land cost in prime areas in Accra increased by the day and was not surprised at the rise in value.

Meanwhile, The coordinating director for the Central Region, Kwame Oppong admitted misapplying some GH¢20,000 which was surplus money left from the construction of Jubilee parks for the region, when he took his turn at the hearing today.

He could not immediately state what the monies were used for.

Story by Nathan Gadugah/Myjoyonline.com/Ghana