Ghana: Government Pays GH¢2.5 Billion in Bonds to SSNIT

The government has paid GH¢2.5 billion in bonds to cover arrears owed to the Social Security and National Insurance Trust (SSNIT). This was disclosed by the Director-General, Kofi Osafo-Maafo, during a stakeholder engagement with pensioners in Kumasi. “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,” Osafo-Maafo said.

As of August this year, SSNIT had paid well over GH₵3.7 billion in pensions to over 250,000 retired workers in the country. Osafo-Maafo reiterated the commitment of SSNIT’s management and staff to improve the scheme’s efficiency and sustainability. “In 2021, the net surplus for SSNIT was in a deficit position of around GH¢300 million. In 2022, we turned this around to a net surplus of GH¢230 million, and in 2023, we improved the net surplus to GH¢865 million. For the first half of 2024, based on our preliminary data, we are on track to improve the net surplus again,” he stated.

Meanwhile, the Ashanti Regional Chairman of the National Pensioners’ Association (NPA), Adarkwa Tuffour, praised SSNIT for its consistent support to pensioners. He highlighted that SSNIT has never failed to pay pensions since the scheme began in the early nineties. “SSNIT has been a lifeline, providing security, dignity, and hope to us retired workers. From 1991 to date, SSNIT has never reneged on the payment of pensions to pensioners,” he said.

Tuffour called on citizens to disregard negative rumors about SSNIT and to protect the scheme for future generations. “SSNIT has been and continues to be a lifeline for thousands of Ghanaians. We must safeguard it, strengthen it, and improve it,” he added.

SSNIT has projected that its Self-Employed Enrolment Drive (SEED) could see enrollments reach 250,000 people in the coming year. Since the campaign’s launch in May 2023, about 120,000 individuals have already been enrolled as of September. SEED aims to expand coverage of the National Social Security scheme to self-employed workers, ensuring they can retire comfortably and with dignity.

Joseph Poku, Chief Actuary at SSNIT, expressed optimism about the campaign’s growth. “Through our continued efforts to raise awareness, we’ve managed to enroll about 120,000 people as of September. We are optimistic that with ongoing sensitization across various cities, we’ll reach approximately 130,000 enrollments by the end of this year. Our target is to exceed 250,000 enrollments by next year,” he said.

The ‘Operation-A-Thon’ (Ops-A-Thon) is part of SSNIT’s efforts to educate self-employed individuals about the benefits of the SSNIT Scheme and encourage them to enroll. SSNIT staff are touring business hubs, markets, and key streets in selected towns, distributing flyers and holding placards to raise awareness.

“This initiative is designed to help people access the valuable services SSNIT offers to all Ghanaians, particularly in the fight to curb or eliminate old age poverty,” Poku highlighted. He expressed confidence that continued public engagement and education will lead to a greater understanding of SSNIT’s role and the importance of joining the scheme.