SSNIT fails to sell 192 houses 6 years after completion -

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 blames delayed asset transfer, exchange rate issues

In its response, SSNIT Management clarified that although the 2019 KPMG audit formed the basis for early negotiations, the housing units were not officially transferred into SSNIT’s asset register until August 2023, due to delays in executing a swap agreement with RSS Developers.

Negotiations over the transaction’s value, applicable discounts, and exchange rates contributed to the delay.
A draft swap agreement was prepared as early as October 2021, but it took nearly two more years to finalise.

SSNIT noted that it is now preparing to aggressively market the properties, but must first secure Board approval on the proposed pricing structure.

A marketing proposal has been submitted to the Board of Trustees, and Management is awaiting the green light to proceed with the sale of the units.

Public interest grows over workers’ pension funds

The prolonged failure to monetise the housing investments has raised public interest, especially given that the project was financed with workers’ contributions to the national pension scheme.

The Auditor-General’s recommendation has reignited debate over how public institutions manage long-term investments, especially in a climate of housing demand and urban growth.