By Amos Harris
The National Social Security and Welfare Corporation (NASSCORP) is facing heightened scrutiny following the release of a critical audit by the General Auditing Commission (GAC). Under the leadership of Auditor General P. Garswa Jackson, the report exposes persistent financial vulnerabilities, escalating expenditures, and systemic weaknesses in internal controls within the corporation during the 2023 fiscal year, a period overseen by Director General Dewitt VonBallmoos.
Dated October 6, 2025, and formally addressed to House Speaker Richard Nagbe Koon and Senate Pro-Tempore Nyonblee Karnga-Lawrence, the GAC’s findings present a complex and concerning picture of NASSCORP’s operations. The audit points to rising fiscal exposures, significant gaps in oversight, and inconsistencies in risk management that the GAC warns could jeopardize the corporation’s long-term ability to sustain its crucial social responsibilities.
The GAC found that NASSCORP operates within a high-risk financial environment, governed by intricate Fair Value Measurement and Disclosure standards. While risk frameworks exist, the audit noted that their effectiveness is highly questionable amid mounting operational pressures.
The commission specifically outlined four major risks threatening NASSCORP’s stability. Credit Risk is tied to investments with commercial banks and advances to contractors, with the GAC demanding robust enforcement and transparent reporting beyond mere assurances of lending to credible entities. Liquidity Risk challenges the agency’s ability to meet obligations, as periodic fiscal imbalances and questionable investment decisions could undermine timely beneficiary payouts. The reliance on dual-currency operations (Liberian and U.S. dollars) also subjects the corporation to Market Risk, making it vulnerable to sharp exchange rate fluctuations.
Most critically, the GAC flagged Operational Risks, citing potential breakdowns in internal processes, weak personnel oversight, and inadequate technological systems. The report issued a strong directive for NASSCORP to tighten its internal controls immediately to prevent potential fraud, inefficiency, and severe reputational damage.
Despite a healthy increase in total contribution revenue, which climbed from US$60.65 million in 2022 to **US$63.45 million in 2023**, the audit reveals that expenditures surged across key categories. Total benefits and related expenses rose by 8.8% to US$19.18 million, and staff costs jumped 7.2% to US$10.13 million, reflecting expanded pension payments and increased employee compensation.
The most glaring anomaly, however, was the category of “other expenses.” These costs ballooned by nearly 22%, soaring from US$11.8 million in 2022 to a staggering **US$14.38 million in 2023**. These funds were reportedly channeled into corporate social responsibility projects, government special initiatives, and community interventions—areas the GAC says urgently require clearer justification and significantly stronger accountability mechanisms.
The audit, therefore, dismisses NASSCORP’s claims of maintaining sound financial discipline, pointing instead to systemic weaknesses that necessitate urgent reform. The GAC recommends that the Board of Directors conduct more frequent internal reviews, adopt stricter compliance mechanisms, and dramatically improve transparency in reporting and procurement processes.
Critics argue that this latest audit reinforces long-standing concerns that NASSCORP, one of Liberia’s most financially endowed public institutions, is sliding toward fiscal complacency, prioritizing increased spending on non-core activities while the nation’s crucial pension system remains under stress.
The release of the report is expected to trigger heightened legislative scrutiny, with lawmakers likely to convene hearings to address the widening accountability gaps at the social security agency. As Liberia grapples with a fragile economy and growing social welfare demands, the GAC’s findings serve as a sharp reminder that public financial management and institutional transparency are still a long way from where they should be.