SSNIT Financially Sound, Committed to Long-Term Sustainability, DG Afreh Biney
The Director-General of the Social Security and National Insurance Trust (SSNIT), Kwesi Afreh Biney, has given strong assurances to contributors and pensioners that the Trust remains financially robust and sustainable despite past operational challenges.
Speaking on the Citi Breakfast Show with Bernard Avle on Thursday, October 30, ahead of SSNIT’s 60th anniversary, Mr. Biney said the institution has weathered difficulties over the years but continues to take strategic steps to enhance its efficiency and resilience.
“The institution remains strong. There were challenges, but there were opportunities in there. I inherited challenges and positives, but we worked together to define a strategy for what the future will look like,” he remarked.
Highlighting SSNIT’s consistent performance in meeting its pension obligations, the Director-General noted that the Trust has faithfully paid pensions since its inception in 1965.
“In 1965, there were only three pensioners being paid. Today, we pay over 257,000 pensioners each month,” Mr. Biney revealed, underscoring the institution’s growth and commitment to social security delivery.
He further disclosed that the Trust has disbursed over GH¢5 billion in pension payments so far this year, an indication of its financial strength and reliability.
“This year alone, we paid in excess of five billion cedis in pensions. Is it sustainable? The Trust will continue to evolve, we will continue to make it stronger, and we’ll put in systems to ensure that we never fail,” he assured.
Mr. Biney also reiterated that SSNIT operates a defined benefit scheme, which guarantees contributors’ pensions under government oversight.
“This is a defined benefit scheme, so it’s one that we have to pay. It’s what the government even has to guarantee as well. So there’s nothing like the Trust will fail, for which reason people’s pensions will be in jeopardy, no,” he clarified.
As SSNIT marks its 60th anniversary, the milestone celebration will reflect on the institution’s evolution, achievements, and reforms aimed at strengthening pension security and improving service delivery for contributors and retirees across the country.
