GHC3 billion SSNIT arrears will be settled by 2020

GHC3 billion SSNIT arrears will be settled by 2020 - Nana Addo

play videoPresident Nana Addo Dankwa Akufo-Addo

President Nana Addo Dankwa Akufo-Addo has said the over GH¢3 billion arrears owed the Social Security and National Insurance Trust (SSNIT) by the government will be paid by 2020.

According to him, the Finance Ministry has arranged for the part-payment of GH¢200 million of the arrears while a bond of GH¢700 million will be issued in 2019 to pay SSNIT.

Addressing Ghanaians at the the Independence Square on May 1, 2019, to mark this year's Workers' Day celebration in Accra, Nana Addo said: "As I told you last year, over GH¢3 billion of pension funds, funds that had been outstanding for six years and about which TUC has been largely complaining, were transferred in 2017 from the Temporary Pensions Fund Account (TPFA) at the Bank of Ghana to the appropriate occupational pensions scheme.

"I'm informed that the Ministry of Finance has arranged for the payment of GH¢200 million and a bond of GHS700 million towards the retirement of the arrears owed to SSNIT."

He said "This will leave arrears of GHS800 million, which will be included in next year’s budget," adding that he has ordered the Minister of Employment and Labour Relations to work with SSNIT and the National Pensions Regulatory Authority (NPRA), to resolve dissensions between them as far as pension issues are concerned.

The president added: "I acknowledge that there are unresolved issues with the Social Security and National Insurance Trust (SSNIT) and the NPRA. I have asked the Minister for Employment and Labour Relations to liaise with SSNIT and NPRA to bring finality to all outstanding issues in the next three (3) months.

"In much the same way that we should build trust between workers and the new private pension companies, it is equally important that there is trust between workers and the state established SSNIT. I am informed that the Ministry of Finance has arranged for the payment of GHS200million and a bond of GHS700 million towards the retirement of the arrears owed to SSNIT. This will leave arrears of GHS800 million which will be included in next year’s budget."