MONROVIA – The General Auditing Commission (GAC) has released the financial statements audit of the National Social Security and Welfare Corporation (NASSCORP) for the year ended December 31, 2023, highlighting both the corporation’s financial standing and its ongoing reform initiatives under Director General Dewitt VonBallmoos. Auditor General P. Garswa Jackson officially transmitted the report on October 6, 2025, to House Speaker Richard Nagbe Koon and Senate Pro-Tempore Nyonblee Karnga-Lawrence.
The audit report reveals that NASSCORP holds a total of US$70,088,213 in promissory notes issued by the Government of Liberia (GoL), representing fifteen notes of US$4,725,334 each. These notes are designed to settle outstanding public sector pension contributions and will be redeemed annually over fifteen years. The notes were verified in a comprehensive vetting exercise conducted jointly by the Ministry of Finance & Development Planning (MFDP) and the GAC.
Cash and cash equivalents across multiple commercial banks totaled US$6,832,066, with net balances standing at US$4,861,339 after accounting for bank overdrafts. The report shows deposits spread across local banks including the Liberian Bank for Development and Investment, Ecobank, and United Bank for Africa, reflecting NASSCORP’s effort to maintain liquidity and manage operational requirements efficiently.
Accounts payables increased to US$6,215,000, up from US$3,243,723 in 2022, driven by vendor obligations, management contributions, and income tax payable to the government. Unclaimed benefits payments and actuarial present value provisions contributed an additional US$2,127,326 to the corporation’s liabilities, illustrating NASSCORP’s ongoing responsibilities to its pensioners and contributors.
Long-term liabilities, including leasehold obligations and loans from Afreximbank, were recorded at US$22,625,617, down from US$27,217,155 in 2022. The total payables for 2023 stood at US$30,967,943, reflecting a modest reduction from the previous year’s US$32,352,438. These figures indicate careful management of both short- and long-term financial commitments despite ongoing expansion of pension coverage.
The corporation’s pension reserve increased to US$143,411,094, bolstered by transfers from the National Pension Scheme fund and translation reserves. The contingency reserve for unexpected expenditures stood at US$66,160,612, slightly below 2022’s US$68,831,001, demonstrating a cautious but stable approach to risk management. Employment Injury Pension Reserves were also maintained in accordance with NASSCORP regulations to avoid material misstatements in financial reporting.
The audit highlighted that financial instruments and risk exposure remain well-managed. Credit and liquidity risks were carefully detailed, with cash and receivables representing the maximum exposure to credit risk. NASSCORP’s liabilities were structured with defined maturities, ensuring transparency in contractual obligations. Contingent liabilities, including disputed claims on land encroachment and alleged unlawful dismissals, were estimated to pose a maximum exposure of US$800,000.
Actuarial valuations commissioned by NASSCORP in 2018/19 through SEVARI are ongoing, with the goal of ensuring plan assets are sufficient to meet future obligations. Administrative delays, compounded by COVID-19, have prolonged the finalization of these valuations, which are expected to be completed in early 2023. These valuations are critical to informing policy adjustments and maintaining financial sustainability.
Under the NASSCORP Act of 2017, the corporation remains exempt from stamp duties and other taxes as determined by the President. The approved increase in contribution rates, effective July 1, 2018, now requires 10 percent of gross remuneration contributions from employees and employers, ensuring adequate funding for the National Pension and Employment Injury Schemes.
Infrastructure developments have been a notable aspect of NASSCORP’s operations. The Diagnostic Medical Centre and the new administrative building have been completed and commissioned. Management transferred ownership of the administrative building to Liberia Property Incorporated (LPI), a wholly owned investment vehicle responsible for managing real estate and other investments, which has leased the building back to NASSCORP.
The audit also details the corporation’s compliance with ASC 842 standards for presentation and disclosure of right-of-use assets and lease liabilities. The net book value of right-of-use assets stood at US$5,903,151, with lease liabilities totaling US$7,638,761 as of December 31, 2023, demonstrating adherence to global accounting standards.
Overall, the GAC audit paints a picture of a corporation making significant progress in financial management, transparency, and operational reform. The expansion of coverage to members of the National Legislature and Judiciary, coupled with careful monitoring of reserves and liabilities, underscores NASSCORP’s commitment to meeting its obligations to contributors and pensioners.
Auditor General Jackson’s report, now in the hands of Liberia’s Legislature, is expected to inform policy discussions and oversight functions. Lawmakers are likely to use the findings to strengthen accountability, ensure timely payments of government contributions, and support reforms aimed at improving the sustainability and effectiveness of Liberia’s social security system.
With ongoing actuarial reviews, prudent financial management, and strategic investments, NASSCORP positions itself as a resilient institution capable of meeting the long-term needs of Liberia’s public sector workforce, even as it navigates challenges in liquidity, credit, and expanding coverage. The corporation’s careful balance of operational growth and fiscal discipline provides a model for public sector financial stewardship in Liberia.
