The Director General of the Social Security and National Insurance Trust (SSNIT), Kofi Osafo Maafo, has said SSNIT is viable in a strong financial position to meet their obligations to pensioners in spite of the challenges.
"SSNIT has never defaulted in paying of pensions and benefits since the scheme was established," he said.
Mr Maafo gave the assurance in Accra yesterday during an engagement with pensioners amidst public criticism that the scheme was not sustainable.
He said as of August this year, SSNIT had paid more than GH¢3.7 billion pension to 250,000 retired workers and projected to pay more than GH¢4 billion by the end of the year.
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The Trust in 2023 paid a total of GH¢3.2 billion to retired workers.
Dubbed Pensioners' Engagement 2024, the programme was on the theme "Our Promise, Your Security."
Attended by more than 200 members of the National Pensioners Association (NPA), it provided opportunity for the Trust to answer questions bothering the minds of retired workers.
Addressing the participants, Mr Maafo said SSNIT in 2021 recorded a surplus position of approximately GH¢230 million.
"In 2022 and in 2023, we improved that, and we chalked down a much more significant surplus. And in 2024, year to date, we continue to produce a surplus, driven by a combination of net investment income, improved net contributions, and management of our costs," Mr Maafo stated.
He said Trust was focused on making the scheme even stronger by expanding coverage to the vast numbers of self-employed workers in the country.
Mr Maafo said the SSNIT was committed to building a more inclusive system that benefitted every worker, and ensuring a secure retirement for all, adding that SSNIT "Offered the best pension scheme that is available."
"As some of you may know, our pension system is partially funded. We are taking rigorous steps on all fronts to ensure continued sustainability of the scheme. We are managing costs better. We are improving contribution collections and managing investments prudently," the Director General stated.
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He said SSNIT had been successful in engaging the government on areas to help improve the financial position of the scheme.
"It is our commitment to deliver reliable pensions and expand income security to more individuals. With your trust and support, we will build a stronger, more secure future together," Mr Maafo stated.
The General Secretary of NPA, Mr Stephen Boakye, said the SSNIT pension scheme had been a lifeline, providing security, dignity and hope to retired workers.
"SSNIT has been and continues to be a lifeline for thousands of Ghanaians. We must safeguard it, strengthen it, and improve it," he stated.
Mr Boakye said since 1991 SSNIT had not reneged in the payment of pension to pensioners.
Mr Boakye entreated workers in both public and private sectors as well as informal sector workers to join SSNIT to enjoy retirement income security.
According to him, individuals who made their children their pension plan had lived to regret, emphasizing that SSNIT took away future financial uncertainties and paid monthly pension regularly for retired workers.
