News Column

Overhaul NSAA

July 11, 2014

Farirai Machivenyika

Parliamentarians yesterday called for an overhaul of operations at the National Social Security Authority after it lost millions through poor investment policies that have prejudiced thousands of workers.

The calls followed the presentation of a report by the Public Accounts Committee chaired by Mufakose representative Ms Paurina Mpariwa on NSSA's 2011 and 2012 accounts.

In the report, the committee noted the authority had lost up to US$70 million in various investment projects that failed to yield any dividend, especially in Capital Bank and Metropolitan Bank.

Contributing to the debate, Mberengwa South representative Cde Makhosini Hlongwane said what NSSA was doing was unacceptable.

Hurungwe North representative Cde Reuben Marumahoko called for a complete overhaul of NSSA operations. He said plans by NSSA to establish an infrastructure bank to cater for low cost houses could also end in failure like previous investments in financial institutions if not properly monitored.

Chegutu West representative Cde Dexter Nduna said NSSA was engaging in speculative investments that did not benefit contributors.

Presenting the report Ms Mpariwa said the audit revealed a number of weaknesses in NSSA.

For more stories on investments and markets, please see HispanicBusiness' Finance Channel

Source: AllAfrica

Story Tools Facebook Linkedin Twitter RSS Feed Email Alerts & Newsletters