The Director-General of the Social Security and National Insurance Trust (SSNIT), Kofi Bosompem Osafo-Maafo on his part revealed that despite the challenges they have, the SSNIT scheme remains strong.
According to him, the scheme has paid over Ghc 3.7 billion in pensions to over 250,000 retired workers in Ghana as of August 2024.
The figure is a significant increase compared to what was paid for the entire year of 2023.
He disclosed this at an engagement the scheme had with pensioners regarding the International Labour Organization’s (ILO) recent report that predicts that SSNIT’s reserves will be completely depleted by 2036.
He assured the pensioners that the scheme was strong and will continue to serve its constitutional mandate in providing Ghanaian workers with a better retirement.
Chief Actuary Joseph Poku also commented on the ILO’s 2020 Actuarial Valuation Report, which, among other things, indicated that SSNIT would not be able to pay benefits beyond the next 12 years (2036) due to depleting reserves.
Mr. Poku explained that an actuarial valuation report was done every three years in line with the National Pensions Act 2008, Act 766, Section 53(2), which mandates the trust to obtain external actuarial valuation on the scheme at least once every three years.
General Secretary of the Pensioners Association of Ghana Mr. Stephen Boakye therefore urged all other stakeholders to welcome engagements with SSNIT and get better informed on the scheme so that, we all can approach issues of our pensions dispassionately and with seriousness.
As for my fellow pensioners and I, we will continue sharing our positive stories with those who may doubt the value of the scheme. We will remind the younger generation that, what they contribute today is an investment for their future—a future where they can retire with dignity, a future where unexpected illness does not leave them destitute, and a future where their families will be supported when they are no longer here to provide.
SSNIT has been and continues to be, a lifeline for thousands of Ghanaians. We must safeguard it, strengthen it, and improve it, and to this, we must recognize and appreciate its value. The SSNIT scheme is more than just numbers on paper; it is a promise to the hardworking people of this country that when the time comes, they will not be forgotten. Because we, the pensioners of today have not been forgotten.
Story by: Bright Oppong, Net2 Tv
