SSNIT Expands Financial Base to Strengthen Pension Scheme
By Praisebell Rosemond Larbi
The Social Security and National Insurance Trust (SSNIT) says it is expanding its financial base and digital infrastructure to fortify Ghana’s pension system, enhance nationwide service delivery, and safeguard contributor returns.
The Trust currently pays pensions to over 257,000 retirees and manages an investment portfolio valued at GH¢24.5 billion, underscoring its growing impact on Ghana’s social protection and capital markets.
Speaking at a stakeholder engagement, SSNIT Director-General Mr. Kwesi Afreh Biney announced that more than 120,000 self-employed persons were newly enrolled onto the scheme in 2023 alone, a major step in expanding social security coverage within the informal sector.
He said SSNIT now operates 57 branches nationwide and has partnered with banks to extend accessibility. “Plans are also underway to launch a 24/7 virtual branch, enabling contributors and pensioners to access services anytime, anywhere,” Mr. Biney revealed.
General Manager for Operations, Mr. Frank Molbila, outlined that SSNIT’s investment portfolio remains the largest institutional holding on the Ghana Stock Exchange, comprising GH¢11.7 billion in equities, GH¢6.8 billion in treasury bills, GH¢5.4 billion in real estate, and GH¢459 million channeled into strategic empowerment projects.
“For 60 years, SSNIT has stood beside workers throughout their journeys. For the next 60 years, we will walk even closer powered by innovation, guided by integrity, and inspired by trust,” Mr. Molbila said.
Financial analysts say the Trust’s long-term investments not only sustain the pension fund but also serve as critical drivers of capital market growth, real estate development, and national economic stability. SSNIT’s planned virtual branch is expected to revolutionize pension service delivery by allowing members to process claims, track contributions, and verify records remotely. Officials say the initiative is part of a broader digital transformation strategy aimed at improving efficiency, reducing administrative costs, and boosting transparency.
Mr. Seth Quartey, SSNIT Tamale Area Manager, said the Trust’s continuous innovation and prudent management are crucial to maintaining a robust pension system amid evolving economic conditions.
Mrs. Jemilatu Mahamadu, Marketing Manager, praised stakeholders for their engagement, reiterating SSNIT’s commitment to making social security “simpler, more accessible, and relevant to every worker across Ghana.”
With the youngest pensioner at 32 years due to permanent disability and the oldest at 115 years, SSNIT’s evolving model underscores its enduring role in protecting livelihoods and strengthening intergenerational security.
The Trust’s growing investment footprint and embrace of digital tools mark a pivotal step toward building a modern, inclusive, and sustainable pension system that fuels Ghana’s economic transformation.
