SSNIT will work to strengthen the Scheme further – Osafo-Maafo
Mr. Kofi Osafo-Maafo, the Director-General of SSNIT, has stated that management was committed to maintaining strong performance and ensuring the sustainability of the scheme.
He assured stakeholders that efforts would continue to create a more robust scheme capable of meeting future obligations for its members.
Mr. Osafo-Maafo gave the assurance at the inaugural SSNITposium, an engagement platform between scheme and academic and professional institutions focused on pension and social security protection.
The SSNITposium is designed to promote in-depth discussions and collaboration among stakeholders in the social security sector.
Presentations included the 2020 External Actuarial Valuation Report, insights into SSNIT’s investment portfolio, the newly launched SSNIT digital platform, and the Self-Employed Enrolment Drive (SEED).
Mr. Osafo-Maafo noted that by the third quarter of 2024, the Scheme had disbursed over 3.7 billion in pensions to thousands of retired workers in Ghana.
He expressed optimism about reaching nearly 4.8 billion in pension payments by the end of the year, underscoring their commitment to fulfilling benefit obligations well beyond 2036.
Mr. Osafo-Maafo emphasised the goal of strengthening the scheme by expanding coverage to the many self-employed individuals and informal sector workers in the country.
He stressed that self-employed persons, who represent a huge portion of Ghana’s labour force, needed protection for their future.
Mr. Osafo-Maafo mentioned that since the launch of the SEED in 2023, 13,000 self-employed individuals had been successfully enrolled in the scheme.
“Currently, that number has risen to about 121,000 self-employed persons and it was a testament to the value the scheme offers,” he added.
Mr. Osafo-Maafo said the significant increase in enrollment was attributed to the benefits “we provide and indeed the video clips that we have had given you an idea of what we are doing.”
He noted that, despite the Scheme’s significant progress, collective support from stakeholders was essential to encourage more self-employed individuals to enroll and contribute regularly, to ensure they received a fair pension upon retirement.
Mr. Osafo-Maafo underscore the need for partnership between the Trust and the informal sector to create a strong and sustainable pension scheme that wioul;d benefit future generations.
“We are committed to building a more inclusive social security system that ensures secure retirement for all workers, including self-employed and informal sector workers,” he added.
Mr. Joseph Poku, Chief Actuary at SSNIT, said the scheme would continue to ensure prudent management of funds to enhance its sustainability.
He urged members and stakeholders to keep their confidence in the Scheme, assuring them that it would continue to provide excellent service.
Mr. Poku affirmed that the Scheme is on track to pay pensions and fulfill its financial obligations well beyond 2036.
Source: GNA