SSNIT Remains Solid

– Despite challenges – Director-General

Story: Isaac AIDOO, Accra

THE Social Security and National Insurance Trust (SSNIT) continues to manage its assets prudently to safeguard the interests of contributors and pensioners, Director-General, Mr. Kofi Bosompem Osafo-Maafo has assured.

Speaking at a breakfast meeting organised for employers in Accra, Mr Osafo-Maafo reassured stakeholders that despite challenges, the Trust remains committed to fulfilling its obligations while improving operational efficiencies and expanding services.

Mr. Osafo-Maafo emphasized SSNIT’s strong financial performance, crediting it to the hard work of its management team. He noted that the Trust had moved from a deficit in 2021 to a surplus of GH₵230 million in 2022, with projections of a GH₵864 million surplus in 2023.

He expects similar results in 2024, driven by better contribution collection, enhanced net investment income, and rigorous cost control measures.

“This is showing in our figures, and I want to reassure you that we are working tirelessly to maintain the sustainability of the scheme,” he said.

The breakfast meeting, which brought together over 85 employers, was organized to strengthen relationships and engage stakeholders on new services and improvements in SSNIT’s operations.

Mr. Osafo-Maafo expressed gratitude to the employers for their compliance and commitment, recognizing their role in sustaining the pension scheme. “Your effort to be here and engage with us is very much appreciated, and we are grateful for your compliance with the regulations,” he added.

A key focus of the event was the digital transformation that SSNIT is implementing to enhance service delivery. Themed ‘Maximizing the Use of Digital Platforms to Improve Contribution Collection and Payment,’ Mr. Osafo-Maafo announced that SSNIT has fully embraced technology to streamline processes for both employers and contributors.

He highlighted the elimination of paperwork and manual data entry, as well as the time savings that come with digital transactions. “We are determined to make your interaction with SSNIT as seamless and efficient as possible through a range of digital services,” he stated.

Among these innovations are SSNIT’s mobile app and USSD platforms, which allow employers and contributors to manage their contributions, check their account status, and access other services remotely.

The SSNIT boss pointed out that the introduction of these digital tools is part of SSNIT’s broader effort to improve the speed and accuracy of its service delivery. “We know there have been complaints in the past about delays in pension payments and the submission of contribution reports, but we are working hard to make these processes more efficient and less painful,” he assured.

He also explained that these digital platforms would benefit employers by offering easier and faster ways to submit contribution reports, track payments, and ensure compliance with SSNIT regulations.

In addition, the platforms are designed to support contributors by allowing them to conveniently access their account information, check their pension entitlements, and ensure that their contributions are up to date.

Beyond digital services, Mr. Osafo-Maafo outlined other initiatives designed to benefit employers and contributors alike. He highlighted SSNIT’s ongoing efforts to improve communication channels, noting that the Trust is now more accessible and responsive to the needs of its stakeholders.

The Trust has also introduced a dedicated customer service team to assist employers and contributors with any issues they may encounter.

In closing, the SSNIT Director General reiterated the Trust’s commitment to prudent financial management, ensuring the long-term sustainability of the pension scheme. He also encouraged employers to take full advantage of the digital services on offer, emphasizing that SSNIT is focused on building a stronger relationship with its stakeholders.

“Our goal is to create a partnership where both SSNIT and its stakeholders benefit, and we remain committed to offering services that add value for employers and contributors alike,” he said. The breakfast meeting served as a platform for open discussion, allowing employers to raise concerns and seek clarification on SSNIT’s policies and services. The Director General and his team provided insights into the Trust’s future plans, reaffirming their dedication to enhancing service delivery and ensuring that SSNIT remains a cornerstone of financial security for Ghanaian workers and retirees.