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Government Urges Individuals With Evidence Of Misappropriation Of Pension Fund To Declare   
 
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06-Nov-2014  
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Dr. Edward Omane Boamah
 
 
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Government has challenged individuals with evidence on the
alleged misappropriation of the second tier pension fund to come
forward.

Government reiterates that the fund has been invested in the
Bank of Ghana to accrue interest for workers.

Addressing a news conference in Accra this morning, the Minister of Communications, Dr. Edward Omane Boamah described as distortion claims by the striking
workers that government cannot account for the second tier
contributions.

He spoke of more distortions made by the workers.

Some of the distortions the Minister identified included statements such as, “government has literally imposed a trustee on public sector workers;” “government is unable to account for Tier 2 contributions deducted so far;” “government has transferred pension funds to pension trust Alliance to purchase Merchant Bank;” and “Workers will have a choice if Labour Union leaders are allowed to appoint trustees and Fund Managers.”

He disclosed that the National Pension Regulatory Authority (NPRA) had announced that the total balance on account held by the Bank of Ghana as at 27th of October, 2014, was GH˘ 1,641,117,027.70 and this included returns accrued after investment in treasury bills.

Dr. Omane Boamah said the current mistrust between organised labour and government makes it difficult to release the account number
of the fund.

He urged organised labour to call off the strike and allow the courts to work.

Meanwhile, Price Water House Coopers is conducting an audit of Ghana's pension system particularly the second tier pension fund.

The focus is to help restructure the system to ensure that the Ghanaian pensioner enjoys the benefits of the fund.

Controversy surrounding the second tier pension fund has led to a week long strike by organised labour.
 
 
Source: GBC
 
 

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