The Member of Parliament (MP) for Obuasi West Constituency, Mr Kwaku Kwarteng, has filed an urgent question in Parliament demanding that the Finance and Economic Planning Minister be summoned before the House over the GHc�269,269,105.79 pension money.
The move is in accordance with Order 64 (2) of the Standing Orders of Parliament.
If this urgent question is admitted by the Speaker, the Minister for Finance would have to appear in Parliament to account for the funds.
The question filed reads: �To ask the Minister for Finance why government has not transferred the outstanding (as of August 2014) GH�269,269,105.79 second tier pension contributions of public sector workers to the Bank of Ghana as required by law, and where the outstanding funds and where the funds (together with the accrued interest) are?�
It relates to second tier pension funds for public sector workers collected by govt as far back as May 2012 totalling about GH₵270 million, which govt has not accounted for in violation of the National Pensions Law.
Last week, a report by NPRA to Parliament revealed that government, through the Controller and Accountant General, has failed to transfer GH₵269,269,105.79 of workers� pension contributions to the designated Bank of Ghana account.
The controversy over exactly how much has been lodged in the account and who should manage the tier-two pension funds forced workers to call a strike that was called off last Tuesday.
The NPRA had announced that a total of GH₵1.6 billion has accrued in the Bank of Ghana (BoG) Temporarily Pension Fund Account.
But it has emerged that between May 2012 and September 2014, government failed to pay GH₵269,269,105.79 into the account although it collected workers� contributions.
The document also shows that the Social Security and National Insurance Trust (SSNIT) has also failed to transfer contributions collected between June and September 2014 into the account.
According to the report, �the total outstanding contributions determined on the basis of Bank Transfer Advices (BTAs) for CAGD as at October 27, 2014 is GH₵269,269,105.79.
This amount excludes the amount for the contribution months of August 2014 and September 2014, for which BATs are yet to be issued.
The amount of GH₵269,269,105.79 stated above is also without interest on delayed contributions and on unpaid contributions.
"It is worth noting that the total amount for outstanding amounts for SSNIT is yet to be determined based on BTAs submitted to NPRA by SSNIT.�
The Authority, according to the report to the Finance Committee of Parliament, undertook a number of investments in Treasury Bills and government bonds during the years under review.
�These investments were made between April 19, 2010 and October 27, 2014. As at October 27, 2014, the total balance on account and an investment holding of GH₵1,641,117,027.70 was being held at BoG.�
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