SSNIT assets now over GH₵71bn
THE Social Security and National Insurance Trust (SSNIT) has seen a significant growth in its assets, which now play a crucial role in Ghana’s economic development, according to the Minister for Employment, Labour Relations, and Pensions, Ignatius Baffour Awuah.
Speaking at a Minister’s Press Briefing organized by the Ministry of Information in Accra, Mr. Baffour Awuah emphasized that SSNIT’s total assets under management have soared from GH₵ 15.2 billion in December 2016 to GH₵71.69 billion by March 2024. This represents a remarkable 350% increase over seven years.
The Minister underscored the importance of these assets in driving investment, infrastructure development, and job creation, contributing to the broader economic growth of the country.
He reiterated the government’s commitment to ensuring the responsible management and protection of pension funds, highlighting that SSNIT’s growing assets are not just a financial milestone but a strategic resource for national development.
In addition to the impressive asset growth, the Minister highlighted the success of SSNIT’s Self-Employed Enrolment Drive (SEED) initiative, launched in May 2023. The initiative has successfully enrolled over 103,292 self-employed individuals onto the SSNIT Scheme, marking a crucial step towards ensuring financial security for a broader section of the Ghanaian workforce.
Mr. Baffour Awuah pointed out that the SEED initiative was introduced to address the long-standing issue of low pension coverage among self-employed workers, who constitute a significant portion of Ghana’s labor force.
“With the launch of SEED, we are making pensions accessible to every Ghanaian, regardless of their employment status. This initiative is a game-changer for self-employed individuals who previously lacked the means to secure their future through pension contributions,” the Minister stated.
He further revealed that in the first half of 2024, SSNIT collected 90.8% of its projected private sector contributions, amounting to GHS 2.4 billion, slightly below the expected GHS 2.6 billion. Public sector contributions, however, exceeded expectations, with SSNIT collecting GHS 3.2 billion, representing 144% of the projected GHS 2.2 billion.
The SEED initiative itself has generated GHS 52.6 million in contributions, a figure expected to grow as more self-employed individuals join the scheme.
“Our focus is not just on expanding coverage but also on ensuring that these contributions translate into meaningful benefits for our members. The success of SEED so far is a testament to the trust that self-employed Ghanaians have placed in SSNIT to safeguard their future,” the Minister said.
The success of initiatives like SEED, according to Mr. Baffour Awuah, underscores the importance of the government’s fiduciary responsibility. “We will continue to safeguard the pensions of all contributors and ensure that their future remains secure,” he concluded. This development not only highlights the strides SSNIT has made in asset management but also the government’s ongoing efforts to extend financial security to all Ghanaians, particularly the self-employed, through innovative pension schemes like SEED.
