SSNIT Aims to Enhance Scheme Sustainability and Expand Coverage, Says Director-General

Business Finance


ACCRA: The Director-General of the Social Security and National Insurance Trust (SSNIT), Mr. Kofi Osafo-Maafo, has affirmed the organization’s commitment to strengthening the scheme’s performance and ensuring its long-term sustainability. He highlighted ongoing efforts to develop a more robust system capable of fulfilling future financial obligations to its members.

According to Ghana News Agency, Mr. Osafo-Maafo provided these assurances during the inaugural SSNITposium, a platform designed to facilitate dialogue between the scheme and academic and professional institutions concerning pension and social security protection. The event featured presentations on various topics, including the 2020 External Actuarial Valuation Report, insights into SSNIT’s investment strategies, the recently launched digital platform, and the Self-Employed Enrolment Drive (SEED).

Mr. Osafo-Maafo reported that by the third quarter of 2024, SSNIT had disbursed over 3.7 billion in pensions to numerous retired workers in Ghana. He
expressed optimism about reaching nearly 4.8 billion in pension payments by the year’s end, emphasizing SSNIT’s commitment to meeting benefit obligations well beyond 2036. A key focus is on expanding coverage to self-employed and informal sector workers, who constitute a significant portion of Ghana’s labor force and require future protection.

Since the introduction of SEED in 2023, SSNIT has successfully enrolled 13,000 self-employed individuals, a number that has since increased to approximately 121,000. Mr. Osafo-Maafo attributed this growth to the scheme’s benefits and effective outreach efforts. He called for continued collective support from stakeholders to encourage more self-employed individuals to enroll and consistently contribute, ensuring fair pensions upon retirement.

Mr. Osafo-Maafo stressed the importance of partnerships between SSNIT and the informal sector to create a sustainable pension system beneficial for future generations. Mr. Joseph Poku, Chief Actuary at SSNIT, echoed this sentiment
, emphasizing the scheme’s commitment to prudent fund management and service excellence. He assured members and stakeholders of the scheme’s ability to meet its financial commitments well beyond 2036.