SSNIT Post GHS 230 Million Surplus Contrary To Claims Of Mismanagement – President Akufo-Addo
President Nana Addo Dankwa Akufo-Addo has said the strong financial performance posted by Social Security and National Insurance Trust (SSNIT), is enough assurance that the government would not jeopardise the future of Ghanaian workers.
SSNIT, according to the President, recently posted a surplus of Ghc 230 million in its operations, contrary to assertions that workers’ contributions towards their pensions are not being properly managed by the Scheme.
Speaking at the 12th quadrennial conference of the Trades Union Congress (TUC) at Gomoa Fetteh in Central Region on Tuesday, President Akufo-Addo said the government remains committed to expanding pension coverage, sustaining the pension regime and enhancing the adequacy of pension payouts.
The TUC conference under the theme: “75 years of building stronger unions in a challenging world of work” will elect new executives who will run the union over the next four years.
“Active contributions to the SSNIT scheme have increased from 1.35 million in 2016 to 2 million as of April 2024. The National Pensions Regulatory Authority has expanded its zonal offices from 2 in 2016 to 6 thereby enhancing visibility and bringing its services closer to the people.
“Coverage of pension in the informal sector also increased from 91,253 in 2016 to 817,444 currently.”
Total assets under SSNIT management, according to the President, have grown from Ghc15.7 billion in December 2016 to Ghc71.6 billion in March 2024.
That, President Akufo-Addo explained, should be reassuring to organised labour, “and perhaps bring into sharper relief the unnecessary controversy that was recently generated by SSNIT efforts to offload non-performing assets in its hotel portfolio.”
He urged all to be circumspect and measured in their utterances as any negative pronouncement could adversely affect the long-term interests of pensioners.
The government, he said, over the past seven years had consistently engaged in dialogue with trade unions to resolve industrial disputes amicably which has fostered a stable industrial environment necessary for the implementation of government policies and programmes.
This positive engagement, according to President Akufo-Addo, has also attracted huge investment into the country while boosting economic growth.
“The preference for social dialogue over strike actions was commendable, as it promotes peace, social cohesion and mutual respect and trust,” he added.
President Akufo-Addo urged all unions in the country to take advantage of the existing positive relationship and form stronger partnerships that would enable them to exercise their powers for the benefit of all.
“Despite the challenges facing our nation, it is natural for trade unions to advocate for better conditions of service for their members. As a government, we ask only for moderation, taking into account global events and their impact on our local economies,” he said.
Additionally, the unions the President implored, should play a proactive role in shaping the future of work, adding that “The rise of automation, artificial intelligence and the gig economy represent both opportunities and challenges.”
The outgoing Secretary-General of the TUC, Dr Yaw Baah, expressed appreciation to member unions of the TUC for their support over the last eight years.
He commended the government for the leadership shown during the difficult times in the country, especially the COVID-19 pandemic and expressed the hope that a lot more would be done to steer the economy out of trouble times.
