Monrovia, Liberia: The National Social Security and Welfare Corporation (NASSCORP) has recorded an impressive financial performance for the 2022 fiscal year. A new audit report released by the General Auditing Commission (GAC) shows that the institution remains financially strong and continues to play a key role in supporting Liberia’s pension and social protection programs.
The audit, led by Auditor General P. Garswa Jackson, Sr., confirmed that NASSCORP’s financial statements fairly represent its performance in line with accepted accounting principles. Total contribution income reached 60.6 million US dollars in 2022, up from 22 million the previous year. An additional 3.65 million dollars came from investment income, mainly through rental properties and treasury bill interest. Altogether, NASSCORP recorded a net reserve increase of 14 million dollars, further solidifying its position as one of Liberia’s most financially stable public institutions.
A Growing Investment Portfolio
A large share of NASSCORP’s investment income came from real estate and treasury bill interest. Its key assets include the Kakata Commercial Building, NASSCORP House, and guesthouses and administrative buildings in Lofa and Bomi. These properties continue to provide consistent revenue and a stable financial base for the institution’s operations.
Expanding Social Protection Coverage
The impact of this financial growth has been felt across the country. In 2022, benefits and related expenses rose to 17.6 million US dollars, up from 6.7 million in 2021. More than 5,000 civil servants received payments under the Civil Service Pension Program (CSPP). Pensioners accessed their benefits through major commercial banks including LBDI, GN Bank, GT Bank, and UBA, ensuring timely and efficient service delivery.
Building Strong Reserves
NASSCORP’s Pension Fund Reserve climbed from 102 million dollars in 2021 to 132 million in 2022, while the Contingency Reserve grew from 51 million to 66 million dollars. These reserves serve as a reliable foundation for Liberia’s pension system, guaranteeing long-term sustainability for retirees and their families.
Commitment to Good Governance
The institution is overseen by a board chaired by Cyril A. Allen, with Director General Dewitt vonBallmoos serving as Secretary. The board manages assets exceeding 244 million dollars, including real estate, investments, and cash reserves. This reflects not only strong financial performance but also a commitment to governance and accountability.
Addressing Compliance Gaps; Not Corruption
Unlike some media reports attempting to malign the institution, the audit did not uncover or point to corruption at NASSCORP. The report issued a clean opinion but flagged areas that require improvement. These include the corporation’s reliance on rental and interest income, increased administrative and staff costs, which rose to 8.1 million and 9.4 million dollars respectively; and delays in fully aligning financial reporting with IFRS standards. NASSCORP has already expressed its commitment to addressing these issues as part of its ongoing modernization and reform efforts.
A Vision for the Future
As NASSCORP grows, its leadership has pledged to focus on transparency, efficiency, and modernization to better serve Liberians. With an aging workforce and rising demand for pension services, the corporation’s strong financial performance positions it to meet national needs while building public trust.
“This report reflects the strength of our institution and our unwavering commitment to the people of Liberia,” a senior official said. “We are proud of the progress we’ve made, and we remain focused on improving efficiency, ensuring compliance, and expanding our reach to every corner of the country.”
Editor’s Note
NASSCORP’s 2022 performance stands as an example of fiscal strength and institutional stability in Liberia. While the audit identified areas for improvement, it did not allege or uncover corruption. Instead, it highlighted a financially solid institution that is ready to modernize, comply with international standards, and continue supporting the country’s social protection system.
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