The Social Security and National Insurance Trust (SSNIT) has launched the 60th-anniversary celebration of social security in Ghana at a ceremony held at the Labadi Beach Hotel.”
Vice President Professor Naana Jane Opoku-Agyemang, the Special Guest of Honour, noted in her remarks that since its inception, the social security scheme has evolved into a formidable national institution, protecting the livelihoods of millions of Ghanaians.
She highlighted the scheme’s growth from a provident fund to a pension scheme and the introduction of a three-tier pension system, reflecting the needs of Ghanaian workers.
According to her, the scheme has positively impacted countless retirees, providing not only pensions but also invalidity and survivors’ benefits, demonstrating its comprehensive nature.
The Vice President urged SSNIT to reflect on strengthening the scheme, ensuring equity, sustainability, and broader coverage for informal and self-employed workers.
She emphasised that the next phase of social security in Ghana must prioritize inclusion, sustainability, and adaptability.
She stressed the importance of integrating pensions into the financial culture of the people and called for prudent financial management, sound investment decisions, and stakeholder engagement to guarantee the scheme’s long-term viability.
Professor Opoku-Agyemang expressed confidence in the current board’s ability to work diligently and leverage expertise to maintain the scheme’s robustness, transparency, and responsiveness.
The Vice President assured the management and board of the government’s commitment to supporting SSNIT and encouraged them to strengthen governance structures and innovate continually. She commended Ghanaian pensioners, the Board of Trustees, and management for their contributions to SSNIT’s gains.
Government’s Commitment to SSNIT
Mr. Julius Debah, the Chief of Staff and Chairman for the occasion, assured SSNIT of the government’s commitment to supporting management in delivering on its mandate. He stated that since its inception, social security has been a story of commitment, resilience, and nation-building.
The Chief of Staff highlighted that social security has for decades served as a source of hope for workers and pensioners alike, ensuring that after years of service and hard work, workers can retire with some measure of financial security. He added that the theme for the event, “A Legacy of Service,” speaks to what SSNIT stands for as an institution committed to delivering service that secures a dignified retirement for workers in Ghana.
“The Trust evolved from a modest establishment to one of the most vital social protection institutions in our country. For us in government, a true legacy is not measured only by statistics but by the real impact the Trust has made on people’s lives: that is the financial security provided during retirement, the peace of mind it brings to pensioners, and the dignity it brings along. Such impact speaks volumes.”
He added that through strategic reforms, innovations, and commitment to sustainability, the Trust has continuously improved its operations to better serve the public.
SSNIT’s Impact Beyond Pensions
In his welcome remarks, SSNIT Director General, Dr. Kwesi Afreh Biney, stated that SSNIT was the first to respond to the student housing crisis by providing decent and affordable hostel facilities. Throughout Ghana, SSNIT now offers 4,250 beds across six universities.
Beyond that, in the educational field, SSNIT decided to educate people from a younger age, and social education studies were incorporated into the curriculum, with BECE students asked questions in this year’s exam.
In the area of human development, with over 9,685 housing units built across the country, SSNIT remains the largest institutional real estate developer, helping thousands of families move closer to home ownership.
On energy, he stated that through its subsidiary, SENET Energy, SSNIT currently contributes 126 megawatts to Ghana’s national grid and is on track to doubling that by the end of the year.
SSNIT remains the largest institutional investor in Ghana’s Telco sector with over GHC 500 million in investments.
Additionally, SSNIT has invested GHC 2.4 billion in the financial sector, holding shares in 22 out of the 36 listed companies on the stock exchange, while also investing in sports infrastructure, particularly the Bukom Boxing Arena, representing youth empowerment and sports development.
Dr. Afreh Biney also reiterated that the Labadi Beach Premier Five Star Hotel, which is a 100% owned company by SSNIT, will not be sold.
He admitted that SSNIT had not always gotten it right but has learned from its mistakes, making them better, more accountable, and transparent in the work they do. Its services are now more accessible through its digital services, and SSNIT looks forward to launching a fully-fledged virtual branch by the end of September 2025.
He affirmed that SSNIT has never defaulted in the payment of pensions and will never default, stating that the scheme is a vision built on resilience, shaped by service, and sustained by trust, representing decades of collective efforts, national commitment, and service to the working people of Ghana.
He added that the commitment to provide income security for the Ghanaian worker for a lifetime has never changed and will continue to improve significantly.
Leadership’s Vision and Assurance
Board Chairman for SSNIT, Nana Ansah Sasraku III, said the journey of social security has been defined by vision, resilience, transformation, and commitment to social protection. He stated that SSNIT is evolving into a modern, forward-looking, and customer-centric organization, focusing on delivering quality service to members while securing higher investments.
He reiterated that the Board of SSNIT will provide responsible leadership, one that prioritizes social protection for all workers, while pledging that the board will assist management in managing trust resources with prudence, diligence, and foresight to safeguard the future of contributors.
Nana Ansah Sasraku III disclosed that over the years, SSNIT has built a sizable portfolio with current assets standing at over GHC 20 billion, with a commitment to improving it for maximised returns.
He noted that over 257,000 pensioners receive their monthly pensions from SSNIT timely without any default and encouraged stakeholders to support it to preserve the scheme for future generations.
To the management and staff, he encouraged them to continue doing better and also commended pensioners for their support. He concluded by admonishing the government to support SSNIT to commit to a renewed vision where every worker is assured that their sweat today will translate into security tomorrow.
NPRA’s Perspective
Mr. Victor Azuma Mejida, Deputy Chief Executive Officer of the National Pensions Regulatory Authority (NPRA), speaking on behalf of Mr. Christopher Boadi-Mensah, Chief Executive Officer, noted that reaching 60 years is characterized by service, transformation, resilience, and valuable lessons.
He emphasised that the celebration of SSNIT’s 60 years of social security is not only a milestone of longevity but a testament to its pivotal role in creating long-term value for Ghanaian workers, pensioners, and the government.
Mr. Victor Azuma Mejida highlighted that SSNIT has been instrumental in safeguarding retirement income, supporting national development through responsible investments, and serving as a cornerstone of Ghana’s social security architecture.
He reaffirmed NPRA’s commitment to collaborating with SSNIT to advance a more robust and inclusive pension system for Ghana. SSNIT, he acknowledged, like any strong institution, has faced challenges, including economic downturns affecting investment returns and the unprecedented impact of COVID-19, which led to business closures and job losses, resulting in decreased contributions. Despite these challenges, SSNIT has demonstrated resilience through continuous innovation and adaptation.
He encouraged the board and management of SSNIT to deepen reforms that strengthen governance, diversify investments, embrace innovation, and enhance professional efficiency.
He added that regardless of the economic winds or fiscal storms, the pension scheme should be able to honor its social contract with contributors and pensioners.
Social Security in Ghana
(a) On 17th February 1965, Parliament passed the Social Security Act, 1965 (Act 279), establishing a national Social Security Fund to provide:
Old Age,
Invalidity and
Survivors’ benefits.
(b) For the first time, workers had a formal scheme to support their livelihoods. The administration of the Fund was under the Department of Pensions and National Insurance.
(c) In November 1972, NRC Decree 127 established the Social Security and National Insurance Trust (SSNIT) as an autonomous body to administer the Social Security Scheme. It was a Provident Fund.
(d) Following the passage of the Social Security Law of 1991 (PNDCL 247), the Fund was converted into a Pension Scheme.
By: Rainbowradioonline.com/Ghana