Chief of Staff, Mr. Julius Debah, has assured the Social Security and National Insurance Trust (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 made the remarks at the official launch of the 50th anniversary of Social Security in Ghana.
He 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.
On his part, the Director General of SSNIT Dr Kwesi Afreh Biney revealed that SSNIT has invested GH¢2.42 billion in the country’s financial services sector.
He said the fund currently holds shares in 22 of the 36 companies listed on the Ghana Stock Exchange, thereby playing a stabilising role in the economy.
According to him, SSNIT’s current investment in Information and Communications Technology (ICT) companies stands at over $500 million, making it the largest institutional investor in the country’s telecommunications sector.
Background
On February 17, 1965, the Parliament of Ghana enacted the Social Security Act, 1965 (Act 279), establishing a national Social Security Fund, which was administered under the Department of Pensions and National Insurance. Subsequently, in November 1972, the National Redemption Council Decree 127 established the Social Security and National Insurance Trust (SSNIT) as an autonomous body to administer the Social Security Scheme as a Provident Fund.
Following the enactment of the Social Security Law of 1991 (PNDCL 247), the Fund was converted into a Pension Scheme.
The National Pensions Act, 2008 (Act 766) was passed in 2008, introducing a Three-Tier Pension Scheme to enhance and streamline pension benefits for workers. Additionally, the Act established the National Pensions Regulatory Authority (NPRA) to oversee all pension schemes in the country.
By: Rainbowradioonline.com/Ghana
