The Director-General of the Social Security and National Insurance Trust (SSNIT), Mr. Kofi Bosompem Osafo-Maafo, has reassured pensioners of the Trust’s unwavering commitment to ensuring their financial security.
Speaking during an engagement with the leadership of the National Pensioners’ Association (NPA) last Thursday, he emphasized that the well-being of pensioners is a sacred duty for SSNIT.
“We hold our pensioners in the highest esteem, placing you at the top of all our stakeholder groupings,” Mr Osafo-Maafo said.
Held on the theme “Our Promise, Your Security,” the meeting brought together key stakeholders to discuss the sustainability and future of the SSNIT pension scheme.
Mr. Osafo-Maafo referred to an International Labour Organization (ILO) report that is guiding improvements aimed at ensuring the long-term strength of the pension system.
He acknowledged that pension schemes globally face challenges such as demographics, funding, and economic pressures but stressed the financial strides SSNIT has made towards achieving sustainability.
Mr Osafo-Maafo shared that as of August 2024, the Trust had disbursed over GH¢3.7 billion in pensions to more than 250,000 retirees.
“Our pension system is partially funded, and we are taking rigorous steps on all fronts to ensure its continued sustainability,” he assured, pointing to SSNIT’s improved financial performance since 2021.
“In 2021, after the COVID-19 pandemic, we moved into a surplus position of approximately GH¢230 million. By 2023, we recorded an even more significant surplus, and in 2024, year-to-date, we continue to produce a surplus driven by net investment income, improved net contributions, and prudent cost management,” he pointed out.
Mr. Osafo-Maafo reiterated that SSNIT’s slogan, “Our Promise, Your Security,” is a commitment to delivering reliable pensions and expanding income security for more individuals.
Contract of generations
The General Secretary of the National Pensioners’ Association, Mr. Stephen Boakye, in his address emphasized the importance of protecting the SSNIT scheme for future generations.
He described the Scheme as ‘contract of generations’ where one generation supports the next. and stressed the importance of maintaining its sustainability.
According to him, today’s workers fund the pensions of current retirees, just as future workers will fund the pensions of today’s contributors.
This system, he argued, underscores the importance of maintaining the integrity of the scheme.
“The SSNIT pension scheme represents more than just financial transactions; it embodies a promise to hardworking Ghanaians that they will not be forgotten in their retirement years,” he said.
Mr. Boakye also called on stakeholders to safeguard and strengthen the scheme, urging collective action to preserve its value 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 said.
