An estate developer and Chief Executive Officer of Koans Estate, Kofi Anokye has said the amount of money the Social Security and National Investment Trust (SSNIT) spent on a software can construct 1,440 fully furnished three-bedroom apartments.

The Board of Trustees of SSNIT has begun investigations into how the former management acquired an OBS software system for $72 million.

The system was installed to network all branches of SSNIT nationwide to enhance efficiency but the current administration questioned the cost and have contracted PricewaterhouseCoopers to audit the transaction.

The cost has been described as outrageous and some are suggesting that the cost was inflated because of “how corrupt our procurement system is”.

Rainbow Radio contacted the estate developer to find out how many houses the amount could construct and in his answer, he said, a fully furnished house cost around $55,000 minimum and the amount SSNIT used to purchase the software, will construct 1,440 fully furnished houses.

He also described as outrageous the cost of the software and wondered why such an amount was spent by SSNIT.

He said, "fully furnished" means the apartment or house you are renting comes with all the built-in and loose furniture, white goods (refrigerator, washer and dryer) and all other essential electric appliances.

Furnished apartments usually come equipped with furniture, basic kitchen appliances and tableware, bathroom necessities among others he said.

According to him, the amount invested by the previous management of the state institution begs for an explanation.