SSNIT granted GH¢10 million to AUDCL

Mr Justice Isaac Duose (middle), Chairman of the Presidential Commission on Ghana@50, making a point. With him are Mr Osei Tutu

Accra, July 27, GNA - The Social Security and National Insurance Trust

(SSNIT), on Monday admitted that the trust gave GH¢10 million as loan to

the African Union Development Consortium Limited (AUDCL) for the

construction of 30 mansions at Ridge in Accra.
Mr Michael Adotey Addo, General Manager in-charge of Investments

who made this known, when he appeared before Ghana at 50 Commission

said SSNIT sold a 6.98-acre land at Ridge to the AUDCL for $4.5 million

dollars for the same purpose.
Mr Addo, who was testifying to the three-member Presidential

Commission at their sitting at the old Parliament House in Accra, said the

total interest rate on the loan granted to AUDCL was 13 per cent.

He said the current value for the land was $11,294,000 while AUDCL's

indebtedness to SSNIT pertaining to the loan stood at $12,029,695.44.

The General Manager said a three-member task force made up of two

SSNIT officials and one from AUDCL was formed to enable them to sell all

the mansions after they had served the purposes for which they were built,

although Amalgam Consult was also formed by the consortium for the same

purpose.
Mr Addo attributed their inability to sell the houses to delays of Land

Valuation Board in coming out with all the necessary valuation of the land

and buildings put up by the AUDCL.
During cross-examination, Mr Akoto Ampaw, Counsel for Dr. Charles

Wereko-Brobbey, former Chief Executive Officer of Ghana@50 Secretariat

asked Mr Addo why it took the Land Valuation Board more than two years

to value both the land and buildings at the Ridge Land.

In his response he said although his outfit had communicated several

times to the Land Valuation Board to expedite action on the valuation, it did

not yield any meaningful dividend.
When the counsel for Attorney-General's Department asked if his outfit

was aware that they were selling the land to the Government of Ghana for

private developers, Mr Addo said he was not aware.
“It could have been different if we knew that the land was to be

developed by private developers.”
When Justice Isaac Duose, Chairman of the Commission, asked Mr

Addo whether SSNIT was aware that 13 out of the 30 mansions at Ridge

were being refurbished for sale, he said he was not aware.

When Mr Addo was asked if SSNIT grant loans to any company that

apply for the facility, he said SSNIT grant loans to limited liability companies

based on the importance and relevance of the proposals.

He said such proposals were accepted if it led to the enhancement of

society and the feasibility of such development projects to the general

public.
GNA

Mr Michael Adotey Addo (left), General Manager in charge of

Investment at SSNIT, and Mr Ernest Thompson, Counsel for SSNIT (right)