MONROVIA – The General Auditing Commission (GAC), headed by Auditor General P. Garswa Jackson, has released a comprehensive audit of the National Social Security and Welfare Corporation (NASSCORP) under the leadership of Director General Dewitt VonBallmoos for the fiscal year ending December 31, 2023, detailing key financial exposures, revenue streams, and operational risks that shape the corporation’s performance. The report, dated October 6, 2025, was officially transmitted to House Speaker Richard Nagbe Koon and Senate Pro-Tempore Nyonblee Karnga-Lawrence.
The GAC’s findings, obtained by Smart News Liberia, underscore NASSCORP’s complex financial management environment governed by Fair Value Measurement and Disclosure standards under FASB Accounting Codification Section 820. The Auditor General explained that fair value for non-derivative financial liabilities is calculated based on the present value of future principal and interest cash flows, discounted at market rates.
According to the audit, NASSCORP is exposed to multiple layers of financial risk, including credit, liquidity, market, and operational risks. These vulnerabilities require a strong internal framework to ensure that financial obligations are met and that the corporation remains resilient under both normal and stressed conditions.
The Board of Directors bears overall responsibility for risk management, and the report notes that NASSCORP has developed policies to identify, assess, and monitor various forms of financial exposure. Despite these measures, the audit suggests that regular reviews are necessary to reflect shifting market realities and operational demands.
On credit risk, the audit discloses that NASSCORP’s exposure arises primarily from its investments with banks and advances to contractors. The corporation maintains policies to lend only to credible contractors and limit exposure to specific financial institutions.
Liquidity risk remains a pressing concern for NASSCORP, as the audit indicates a continuous effort to maintain adequate cash flow for meeting obligations. The corporation reportedly enhances its liquidity management to avoid risky ventures and safeguard its institutional reputation.
In the area of market risk, the Auditor General noted that while NASSCORP’s exposure is minimal, the dual currency operations in Liberian and U.S. dollars help cushion against sudden market fluctuations. The corporation also mitigates interest rate risks by investing in fixed-rate instruments held to maturity.
Operational risk, the report details, poses another significant challenge due to possible failures in internal processes, personnel, and technology. NASSCORP has been urged to strengthen internal control systems to minimize losses and maintain its reputation.
The audit also disclosed major financial activities during 2023. NASSCORP’s total contribution revenue increased to US$63.45 million, up from US$60.65 million in 2022, largely driven by improved national pension and employment injury schemes across regional offices.
On the expenditure side, total benefits and related expenses surged to US$19.18 million, compared to US$17.63 million the previous year. This figure includes retirement pensions, survivors’ benefits, medical assistance, and other claims to insured contributors.
General and administrative expenses stood at US$7.26 million, a decline from US$8.12 million in 2022. Key cost areas included board expenses, fuel and lubricant purchases, public relations, vehicle maintenance, and employee benefits.
Staff costs also increased, reaching US$10.13 million in 2023, up from US$9.45 million in the previous year, reflecting higher salaries, allowances, and employee medical insurance contributions.
A major fiscal concern flagged in the report is the rise in “other expenses,” which amounted to US$14.38 million, a steep increase from US$11.8 million in 2022. This figure includes corporate social responsibility initiatives, government special projects, and community interventions.
The audit further recorded US$3.82 million in financial charges, largely from Government of Liberia (GoL) rebates, Afreximbank discount facilities, and fees to Loita Capital Partners.
The GAC report also sheds light on NASSCORP’s investment portfolio, which totaled US$82.65 million in financial assets as of December 31, 2023. This includes significant holdings in Jahmale Medical Center equity, 24th Street Investment properties, and the GoL’s fifteen-year promissory notes valued at over US$30 million.
Auditor General Jackson’s report notes that the promissory notes, authorized by the Debt Management Committee through the Ministry of Finance, were intended to settle unpaid contribution premiums dating back to 1984. The first installment was redeemed in 2017, with subsequent ones discounted through arrangements with the African Export-Import Bank.
In terms of property and investment infrastructure, NASSCORP’s total investment properties were valued at US$40.18 million, covering assets such as the Jahmale Diagnostic Center, NASSCORP House, and various commercial and residential properties across Liberia.
Meanwhile, the audit recorded total unrealized losses on financial assets of US$903,578 and unrealized gains of US$19,606, with key holdings in Ecobank Transnational, Liberia Bank for Development and Investment, and Nimba Rubber Corporation.
Rental income grew modestly to US$862,449, with notable contributions from the Kakata Commercial Building, Lofa Guest House, and Bomi Guest House. However, interest income fell drastically from US$2.55 million in 2022 to a mere US$1,153 in 2023, reflecting a sharp decline in treasury bill yields.
The GAC report concludes by reaffirming the need for stronger fiscal discipline, enhanced internal audit mechanisms, and improved accountability to ensure that NASSCORP remains a viable pillar of Liberia’s social security system. Auditor General Jackson emphasized that the corporation must continually balance its investment ambitions with prudence, transparency, and public trust to sustain long-term solvency.
