Published: 05 November 2013

GOVERNMENT will soon enact legislation to ensure that the National Social Security Authority channels investments towards safer project that protect the interests of low income earners and ordinary persons, Finance and Economic Development Minister Patrick Chinamasa has said.

He said that they will first seek to establish through the current legislation if NSSA could make long term investment.

Minister Chinamasa was responding to a question from Manicaland Senator, Monica Mutsvangwa (Zanu-PF) on whether Government would intervene in NSSA in the wake of reports that the authority intends to write off $30 million invested in Capital Bank, as it winds up operations.

Senator Mutsvangwa said in her view it was not prudent for NSSA to participate in short term invest that were risky but instead should focus on long term projects that were safer like infrastructure.

She said given that NSSA drew its money from poor people most of whom would have retired and were struggling, Government should look at the prudence of such investments where it puts money in a projects that eventually collapses as in the case of Capital Bank.

In response, Minister Chinamasa concurred with Sen Mutsvangwa but said he would want to look at the legal provisions.

"I am certainly looking at NSSA will try to see whether I have powers to direct where that money should go. Personally I think it should go into irrigation. We want these organisations to put money into long term projects," said Minister Chinamasa.
- herald

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