Despite recent allegations to the contrary, the Social Security and National Insurance Trust (SSNIT) has assured pensioners that the program would be able to pay their payments consistently for many years to come.

In a speech delivered on his behalf, SSNIT Director-General Mr. Kofi Osafo-Maafo said that the system is still robust and would be able to pay pensions and fulfill its financial obligations in the years to come.

This assurance comes after the International Labour Organization (ILO) published a report predicting that SSNIT's financial reserves would run out and that the scheme might fail by 2036.

Mr. Osafo-Maafo, however, emphasized SSNIT's dedication to openness, transparency, and resolving pensioners' issues and asked the National Pensioners Association (NPA) to ignore such reports.

He made these remarks at the 2024 Pensioners’ Engagement, organized by SSNIT under the theme “Our Promise, Your Security,” held in Takoradi.


The engagement provided a platform for SSNIT to explain its operational strategies to NPA members while addressing issues and concerns raised by the association for mutual benefit.

He said: “In fact, as of August 2024 alone, SSNIT has paid well over 3.7 billion cedis in pensions to over 250,000 retired workers in Ghana, and we are focused on making the scheme even stronger by expanding coverage to the vast number of self-employed workers in the country.”

The SSNIT Director-General highlighted that they aim to build a more inclusive system benefiting every worker, ensuring a secure retirement for all.

Mr. Noble King Dogbatsey, Deputy Western Regional Secretary of the NPA, speaking on behalf of the General Secretary, noted that discussions on issues concerning the scheme have been prominent in the media, and the engagement provided members with an opportunity to understand their benefits better.

He said: “It is essential to recognize that, despite challenges, the SSNIT pension scheme has been a lifeline, providing security, dignity, and hope to us, retired workers.

“Since the scheme began paying monthly pensions in the early 90s, pensioners have been paid every single month according to their earned entitlements. From 1991 to date, SSNIT has never reneged on the payment of pensions to pensioners.”

He encouraged all other stakeholders to engage with SSNIT to gain better information on the scheme so that “we can all approach issues surrounding our pensions dispassionately and seriously.”

Joseph Poku, Chief Actuary of SSNIT, reiterated that the scheme would be able to pay pensions and meet its financial obligations beyond 2036, assuring members that their contributions remain safe.

“In April this year, it became a topic in the media that SSNIT would collapse within the next 12 years, but we are here to reassure our stakeholders that there is no truth in that,” he said.


https://www.adomonline.com/ssnit-can-continuously-pay-pension-benefits-dg/