SSNIT touts positive strides in recent years

Director-General of the Social Security and National Insurance Trust (SSNIT), Kofi Bosompem Osafo-Maafo, has announced significant strides in the improvement of the Trust’s operations.
He emphasized three key pillars that are guiding the institution’s strategic direction: sustainability of the scheme, adoption of state-of-the-art technology, and ensuring adequate benefits for members.
Speaking at the 2024 Annual Operations and Benefits Conference in Elmina, Central Region, Mr. Osafo-Maafo highlighted the importance of expanding the coverage of the SSNIT scheme and enhancing its operations through the use of appropriate technologies.
He stressed that while contributions from both private and public sectors have been steadily improving, the indebtedness of public sector institutions to the Trust remains a significant concern.

Strategic pillars for a sustainable future
“The strategic direction of this institution is anchored on three pillars,” Mr. Osafo-Maafo stated.
“First, the sustainability of the scheme, which has seen significant improvements through the expansion of coverage, enforcement of compliance, prudent investment of funds, and responsible governance of the Trust and its investments.”
The second pillar, he explained, involves the adoption of state-of-the-art technology for the management and maintenance of accurate data and reliable financial records of members.
Mr. Osafo-Maafo noted the progress made in this area, citing how technological advancements have streamlined operations, reducing the need for extensive manual processes.
“The third pillar is to ensure that benefits are adequate,” he continued. “We’ve made significant strides in this area as well, with marked improvements in contributions from both the private and public sectors. However, we must continue to strive for better each year.”

Technology as an enabler
Mr. Osafo-Maafo underscored the role of technology as a powerful enabler of efficiency and innovation.
He highlighted the Trust’s investments in state-of-the-art technological solutions, which are expected to significantly increase active membership, improve contribution collections, and ultimately ensure the sustainability of the SSNIT Scheme.
He also pointed out that the use of digital platforms would offer user-friendly interfaces for workers to register, check their contributions, manage their accounts, and perform other functions without having to visit SSNIT offices.
“These innovations will enable workers to pay their contributions, access their contribution history, and initiate benefits processing from the comfort of their homes,” he added.

Challenges and strategic responses
Deputy Director-General of Operations and Benefits, Ms. Juliana Kpedekpo, provided a detailed analysis of the financial pressures facing SSNIT.
She noted that the rate of increase in benefit payments is outpacing the rate of increase in contribution collections, with total benefits paid rising from GH¢941.27 million in 2014 to over GH¢5.45 billion in 2023.
In contrast, contribution collections grew from GH¢1.78 billion in 2014 to just over GH¢6 billion in 2023.
Ms. Kpedekpo also highlighted the challenges posed by the National Pensions Act 2008, Act 766, which introduced changes that have strained the Trust, including a reduction in funding and vesting periods, combined with enhanced benefits.
Additionally, she pointed out the issue of irregular contribution payments for public sector workers, particularly those managed by the Controller and Accountant General’s Department.
“These situations must provoke us into action,” Ms. Kpedekpo stated. “
“Our strategic direction should provide SSNIT with a framework to surmount these sustainability issues.
“Increased active membership with corresponding contributions is a desirable objective, and leveraging technology—digital platforms, AI, and data analytics—will be key to achieving this.”

Looking ahead
The SSNIT leadership remains committed to overcoming the challenges facing the Trust, with a clear focus on innovative strategies and technology-driven solutions to ensure the long-term sustainability of the scheme.