The Social Security and National Insurance Trust (SSNIT) has showcased financial resilience, disbursing GH₵19.4 billion (GH₵19,481.38 million) in pension benefits over the past five years despite accumulating GH₵25.2 billion (GH₵25,200.89 million) in contributions during the same period.
According to SSNIT’s records, the Trust maintained a positive balance of GH₵5.7 billion (GH₵5,719.51 million) from contributions received between 2019 and 2023, underscoring its robust financial management amid economic challenges.
Annual contributions and disbursements reveal a consistent pattern of fiscal prudence. In 2019, SSNIT collected GH₵3.3 billion (GH₵3,382.8 million) in contributions while paying out GH₵2.9 billion (GH₵2,945.72 million) in benefits, resulting in a surplus of GH₵437.08 million. Similarly, in subsequent years, including 2020, 2021, 2022, and 2023, the Trust’s financial discipline allowed for substantial payouts to pensioners while maintaining adequate reserves.
The active membership of SSNIT has also seen a steady rise, increasing from 1.6 million in 2019 to 1.9 million by the end of 2023. The Trust oversees operations across 88,640 listed establishments, ensuring comprehensive coverage of contributors and beneficiaries.
In accordance with the National Pensions Act 2008, SSNIT conducts an external actuarial valuation every three years. The latest report indicates that sustainability measures are on track despite earlier projections of reserve depletion by 2036. Measures such as the removal of ‘ghost’ pensioners from payroll, expansion of coverage to informal sector workers and the self-employed, and a consistent 11% contribution rate further solidify SSNIT’s commitment to financial stability and service delivery.
The Trust’s ability to navigate fiscal challenges while fulfilling its mandate underscores its pivotal role in safeguarding retirement incomes and contributing to economic security in Ghana.
