PUBLIC Services, Labour and Social Welfare minister Nicholas Goche told Parliament last week that a new governing board for the National Social Security Authority (NSSA) will be announced soon.
Goche was responding to a report by the Parliamentary Portfolio Committee on Public Accounts which recommended an overhaul of NSSA and urgent appointment of its board.
He produced NSSA’s investment policy document which the committee had requested as evidence that there was such a policy to curb NSSA from engaging in botched investment deals at the expense of pensioners’ funds.
“We are at an advanced stage in terms of appointing members of the NSSA board and the current investment policy was approved by the parent ministry in 2010,” Goche said.
“The investment policy, however, has to be reviewed regularly to make it relevant to changing economic situations in the country,” he said.
Goche told the House that the policy document was reviewed by PriceWaterhouseCoopers in 2013, and a revised document was approved by the NSSA board in the third quarter of 2013, adding approval of the policy had been done by the ministry and NSSA was advised of that.
He said there would be close monitoring of NSSA’s investment activities to ensure that there were strict procedures in the investments of excess funds.
NSSA had incurred financial losses through its investments at Capital Bank.
Goche said NSSA had a 100% shareholding in Ekusileni Hospital in Bulawayo which was currently undergoing refurbishment.
On NSSA’s investment in Biri Dam, Goche said an agreement had been reached that NSSA would assume 39%, while the Zimbabwe National Water Authority assumed a controlling stake.