The government of Ghana has successfully paid GH¢2.5 billion in bonds to address outstanding arrears owed to the Social Security and National Insurance Trust (SSNIT).
This announcement was made by SSNIT’s Director-General, Kofi Osafo-Maafo, during a stakeholder engagement event with pensioners in Kumasi.
Osafo-Maafo highlighted the government’s recent efforts to improve the financial standing of the Trust, stating, “What we have done recently is that we have had some successes.
The government, most recently, defrayed approximately two and a half billion Ghana cedis of the arrears in the form of bonds, which again helps the underlying position of the Trust.”
As of August 2024, SSNIT has disbursed over GH₵3.7 billion in pensions to more than 250,000 retirees across the country. He emphasized the commitment of SSNIT’s management and staff to enhance the scheme’s efficiency and sustainability, citing a significant turnaround in the Trust’s financial status:
- 2021: Net deficit of GH¢300 million
- 2022: Net surplus of GH¢230 million
- 2023: Net surplus of GH¢865 million
- 2024: Preliminary data indicates a further improvement in net surplus.
The Ashanti Regional Chairman of the National Pensioners’ Association (NPA), Adarkwa Tuffour, commended SSNIT for providing financial security to pensioners, stating that the scheme has consistently paid pensions since its inception.
He urged citizens to support SSNIT against negative rumors that may harm its reputation, highlighting its importance for future generations.
Additionally, SSNIT has initiated the Self-Employed Enrolment Drive (SEED), aiming to enroll approximately 250,000 self-employed individuals in the scheme over the next year.
Since its launch in May 2023, about 120,000 people have already signed up.
Joseph Poku, SSNIT’s Chief Actuary, expressed optimism about reaching this target, attributing the anticipated growth to ongoing public engagement initiatives.
The ‘Operation-A-Thon’ campaign aims to educate self-employed workers about the benefits of joining SSNIT, thereby ensuring they can retire comfortably and with dignity.
SSNIT is committed to improving awareness and participation in the scheme, working to eliminate old-age poverty and provide financial protection to all Ghanaians during retirement.
