SSNIT financially strong to meet obligations – Director-General

Kofi Bosompem Osafo-Maafo, Director-General of SSNIT

The Director Gen­eral of the Social Security and Na­tional Insurance Trust (SSNIT), Kofi Osafo Maafo, has said SSNIT is viable in a strong financial position to meet their obligations to pensioners in spite of the challenges.

“SSNIT has never defaulted in paying of pensions and benefits since the scheme was established,” he said.

Maafo gave the assurance in Accra during an en­gagement with pensioners amidst public criticism that the scheme was not sustainable.

He said as of August this year, SSNIT had paid more than GH¢3.7 billion pension to 250,000 retired workers and projected to pay more than GH¢4 billion by the end of the year.

Dubbed Pensioners’ Engage­ment 2024, the programme was on the theme “Our Promise, Your Security.”

Attended by more than 200 members of the National Pen­sioners Association (NPA), it pro­vided opportunity for the Trust to answer questions bothering the minds of retired workers.

Addressing the participants, Maafo said SSNIT in 2021 record­ed a surplus position of approxi­mately GH¢230 million.

“In 2022 and in 2023, we improved that, and we chalked down a much more significant surplus. And in 2024, year to date, we continue to produce a surplus, driven by a combination of net investment income, improved net contributions, and management of our costs,” Maafo stated.

He said Trust was focused on making the scheme even stronger by expanding coverage to the vast numbers of self-employed work­ers in the country.

Maafo said the SSNIT was committed to building a more inclusive system that benefitted every worker, and ensuring a se­cure retirement for all, adding that SSNIT “Offered the best pension scheme that is available.”

“As some of you may know, our pension system is partially funded. We are taking rigorous steps on all fronts to ensure continued sustainability of the scheme. We are managing costs better. We are improving contri­bution collections and managing investments prudently,” the Direc­tor General stated.

He said SSNIT had been suc­cessful in engaging the govern­ment on areas to help improve the financial position of the scheme.

“It is our commitment to deliv­er reliable pensions and expand income security to more individ­uals. With your trust and support, we will build a stronger, more secure future together,” Mr Maafo stated.

The General Secretary of NPA, Stephen Boakye, said the SSNIT pension scheme had been a lifeline, providing security, digni­ty and hope to retired workers.

“SSNIT has been and continues to be a lifeline for thousands of Ghanaians. We must safeguard it, strengthen it, and improve it,” he stated.

Boakye said since 1991 SSNIT had not reneged in the payment of pension to pension­ers.

He entreated workers in both public and private sectors as well as informal sector workers to join SSNIT to enjoy retirement income security.

According to him, individuals who made their children their pension plan had lived to regret, emphasizing that SSNIT took away future financial uncertainties and paid monthly pension regular­ly for retired workers.