The Social Security and National Insurance Trust (SSNIT) paid GH¢3.7 billion as pension benefits during the third quarter of 2024, and expected to pay about GH¢ 4.8 billion by the end of the year.
Director-General of SSNIT, Kofi Bosompem Osafo-Maafo, who disclosed this at the maiden ‘SSNITposium’ held at the University of Professional Studies (UPSA) in Accra, said its net contributions also increased from GH¢4.36 billion in 2022 to over GH¢6 billion in 2023, and expected to perform better this year.
According to him, SSNIT also recorded investment income of GH¢844 million in 2024 compared to GH¢700 million recorded in 2023, and expecting to record a stronger performance in the years ahead.
According to the Director-General, the engagement, dubbed ‘SSNITposium’ and held under the theme, “Building a Knowledge-Based SSNIT” is aimed at collaborating with experts to leverage the invaluable insight and expertise to inform its strategic decision, drive innovation and ensure the sustainability of the scheme for the benefits of stakeholders.
The maiden forum, which brought together representatives from the University Teachers Association of Ghana (UTAG), Technical University Teachers Association of Ghana (TUTAG), Institute of Public Relations (IPR-Ghana) and individuals from various associations among others, was not only intended to enhance SSNIT’s operational framework but also aimed at strengthening its commitment to transparency and accountability.
The Director-General added that the scheme, which started in 1991 and has undergone several reforms, has never reneged on its obligations in the payment of pension benefits in spite of the limited contributions collected sometimes.
He, however, indicated that in spite of measures put in place by SSNIT over the years to improve contributions, it will continue to introduce strategies to proactively address the funding shortfall, to ensure a long term sustainability for the financial well-being of its members while working with management to improve net contributions and manage investment prudently to maximise returns on investment.
Area Manager of SSNIT, Accra North, Mr. Frank Molbila, in his welcome address also said the symposium will continuously be held as a unique platform for national dialogue, idea generation and collaboration among stakeholders about the SSNIT scheme.
He said the path ahead requires the collective wisdom and expertise of academia and professional groups, to provide invaluable insights into shaping the future of SSNIT.
Vice Chancellor of the University of Professional Studies, Prof. John Mawutor, for his part said he hopes “SSNITposium” will evolve into a significant platform for SSNIT to regularly engage with academia and professional institutions on matters concerning pensions and social security protection.
He, however, appealed to the academia to provide constructive criticism of the SSNIT scheme devoid of unsubstantiated comments which could erode trust in the scheme, with serious consequences for both current and future beneficiaries.
By Ebenezer K. Amponsah
