{"id":210612,"date":"2024-08-18T06:38:54","date_gmt":"2024-08-18T06:38:54","guid":{"rendered":"https:\/\/www.ghanamma.com\/2024\/08\/18\/pac-commends-ssnit-for-its-financial-success\/"},"modified":"2024-08-18T06:38:54","modified_gmt":"2024-08-18T06:38:54","slug":"pac-commends-ssnit-for-its-financial-success","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2024\/08\/18\/pac-commends-ssnit-for-its-financial-success\/","title":{"rendered":"PAC commends SSNIT for its financial success"},"content":{"rendered":"

<\/p>\n

\n

\"\"The Public Accounts Committee (PAC) of Parliament has praised the management of the Social Security and National Insurance Trust (SSNIT) for the company\u2019s financial success.<\/p>\n

PAC also encouraged the Trust to maintain and improve its financial standing.<\/p>\n

In 2022, SSNIT\u2019s total income increased by 35.1 per cent, reaching GH\u00a25,272,183,000 from GH\u00a23,903,635,000 in 2021. This growth was primarily driven by an increase in net contributions received.<\/p>\n

Members of the PAC praised the organization\u2019s 176 per cent improvement in financial performance when Mr\u00a0 Kofi Bosompen Osafo-Maafo, the Director-General appeared before the Committee on Thursday.<\/p>\n

The Committee reviewed the Auditor-General\u2019s Report on Government Ministries, Departments, and Agencies as of December 31, 2023.<\/p>\n

\u201cLast year, you moved from a deficit of over GH\u00a2300 million to a surplus of more than GH\u00a2230 million. That is incredible. What did the trick?\u201d Mr Isaac Opoku, a member of the Committee, asked.<\/p>\n

In his response, Mr Osafo-Marfo attributed the turnaround to several factors, including a 29 per cent increase in net contributions and a 49 per cent increase in net investment income.<\/p>\n

\u201c\u2026Mr Chairman, the performance was driven by several factors. The first factor, there was a 29 per cent increase in net contributions received. Our net investment income also grew by 49 per cent to about 706 million approximately and there was also a significant increase in other income,\u201d he said.<\/p>\n

\u201cWe also managed to control costs fairly well. The other income arises from penalties on delays of contributions and also incomes from the sale of our properties,\u201d Mr Osafo-Maafo added.<\/p>\n

As a result, Mr Opoku praised SSNIT for its improved financial ratios, stating that the organisation\u2019s current ratio had risen from 1.1 in 2021 to 1.6 in 2023.<\/p>\n

He said: \u201cYour current ratio is better than the previous year. In 2021, it was 1.1, and this year, it\u2019s improved to 1.6. So, it\u2019s not too bad, and we can only encourage you to improve upon it.\u201d<\/p>\n

In 2022, total expenditure increased by 16.9 per cent to GH\u00a24,930,637,000, from GH\u00a24,217,700,000 the previous year.<\/p>\n

The increase in spending was largely driven by an increase in benefits paid out during the year.<\/p>\n

SSNIT has turned a deficit of over GH\u00a2300 million into a surplus of over GH\u00a2230 million.<\/p>\n

Source: GNA<\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"

The Public Accounts Committee (PAC) of Parliament has praised the management of the Social Security and National Insurance Trust (SSNIT) for the company\u2019s financial success. PAC also encouraged the Trust to maintain and improve its financial standing. In 2022, SSNIT\u2019s total income increased by 35.1 per cent, reaching GH\u00a25,272,183,000 from GH\u00a23,903,635,000 in 2021. This growth […]<\/p>\n","protected":false},"author":1,"featured_media":210613,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9],"tags":[],"class_list":["post-210612","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business"],"yoast_head":"\nPAC commends SSNIT for its financial success - Ghanamma.com<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.ghanamma.com\/2024\/08\/18\/pac-commends-ssnit-for-its-financial-success\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"PAC commends SSNIT for its financial success - Ghanamma.com\" \/>\n<meta property=\"og:description\" content=\"The Public Accounts Committee (PAC) of Parliament has praised the management of the Social Security and National Insurance Trust (SSNIT) for the company\u2019s financial success. PAC also encouraged the Trust to maintain and improve its financial standing. In 2022, SSNIT\u2019s total income increased by 35.1 per cent, reaching GH\u00a25,272,183,000 from GH\u00a23,903,635,000 in 2021. This growth […]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.ghanamma.com\/2024\/08\/18\/pac-commends-ssnit-for-its-financial-success\/\" \/>\n<meta property=\"og:site_name\" content=\"Ghanamma.com\" \/>\n<meta property=\"article:published_time\" content=\"2024-08-18T06:38:54+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.ghanamma.com\/2024\/wp-content\/uploads\/2024\/08\/Screen-Shot-2015-03-04-at-8.13.22-AM.png\" \/>\n\t<meta property=\"og:image:width\" content=\"297\" \/>\n\t<meta property=\"og:image:height\" content=\"293\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"Ghana News\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Ghana News\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.ghanamma.com\\\/2024\\\/08\\\/18\\\/pac-commends-ssnit-for-its-financial-success\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.ghanamma.com\\\/2024\\\/08\\\/18\\\/pac-commends-ssnit-for-its-financial-success\\\/\"},\"author\":{\"name\":\"Ghana News\",\"@id\":\"https:\\\/\\\/www.ghanamma.com\\\/2024\\\/#\\\/schema\\\/person\\\/c70749f3edfbfcd92d45e933f0fe10b5\"},\"headline\":\"PAC commends SSNIT for its financial success\",\"datePublished\":\"2024-08-18T06:38:54+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.ghanamma.com\\\/2024\\\/08\\\/18\\\/pac-commends-ssnit-for-its-financial-success\\\/\"},\"wordCount\":365,\"commentCount\":0,\"image\":{\"@id\":\"https:\\\/\\\/www.ghanamma.com\\\/2024\\\/08\\\/18\\\/pac-commends-ssnit-for-its-financial-success\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.ghanamma.com\\\/2024\\\/wp-content\\\/uploads\\\/2024\\\/08\\\/Screen-Shot-2015-03-04-at-8.13.22-AM.png\",\"articleSection\":[\"Business\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.ghanamma.com\\\/2024\\\/08\\\/18\\\/pac-commends-ssnit-for-its-financial-success\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.ghanamma.com\\\/2024\\\/08\\\/18\\\/pac-commends-ssnit-for-its-financial-success\\\/\",\"url\":\"https:\\\/\\\/www.ghanamma.com\\\/2024\\\/08\\\/18\\\/pac-commends-ssnit-for-its-financial-success\\\/\",\"name\":\"PAC commends SSNIT for its financial success - Ghanamma.com\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.ghanamma.com\\\/2024\\\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\\\/\\\/www.ghanamma.com\\\/2024\\\/08\\\/18\\\/pac-commends-ssnit-for-its-financial-success\\\/#primaryimage\"},\"image\":{\"@id\":\"https:\\\/\\\/www.ghanamma.com\\\/2024\\\/08\\\/18\\\/pac-commends-ssnit-for-its-financial-success\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.ghanamma.com\\\/2024\\\/wp-content\\\/uploads\\\/2024\\\/08\\\/Screen-Shot-2015-03-04-at-8.13.22-AM.png\",\"datePublished\":\"2024-08-18T06:38:54+00:00\",\"author\":{\"@id\":\"https:\\\/\\\/www.ghanamma.com\\\/2024\\\/#\\\/schema\\\/person\\\/c70749f3edfbfcd92d45e933f0fe10b5\"},\"breadcrumb\":{\"@id\":\"https:\\\/\\\/www.ghanamma.com\\\/2024\\\/08\\\/18\\\/pac-commends-ssnit-for-its-financial-success\\\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/www.ghanamma.com\\\/2024\\\/08\\\/18\\\/pac-commends-ssnit-for-its-financial-success\\\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/www.ghanamma.com\\\/2024\\\/08\\\/18\\\/pac-commends-ssnit-for-its-financial-success\\\/#primaryimage\",\"url\":\"https:\\\/\\\/www.ghanamma.com\\\/2024\\\/wp-content\\\/uploads\\\/2024\\\/08\\\/Screen-Shot-2015-03-04-at-8.13.22-AM.png\",\"contentUrl\":\"https:\\\/\\\/www.ghanamma.com\\\/2024\\\/wp-content\\\/uploads\\\/2024\\\/08\\\/Screen-Shot-2015-03-04-at-8.13.22-AM.png\",\"width\":297,\"height\":293},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\\\/\\\/www.ghanamma.com\\\/2024\\\/08\\\/18\\\/pac-commends-ssnit-for-its-financial-success\\\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\\\/\\\/www.ghanamma.com\\\/2024\\\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"PAC commends SSNIT for its financial success\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\\\/\\\/www.ghanamma.com\\\/2024\\\/#website\",\"url\":\"https:\\\/\\\/www.ghanamma.com\\\/2024\\\/\",\"name\":\"Ghanamma.com\",\"description\":\"Ghana mma provides breaking news, top stories in Ghana, Africa, business, entertainment, politics and more.\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\\\/\\\/www.ghanamma.com\\\/2024\\\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\\\/\\\/www.ghanamma.com\\\/2024\\\/#\\\/schema\\\/person\\\/c70749f3edfbfcd92d45e933f0fe10b5\",\"name\":\"Ghana News\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/22cb97c2b08df229330efb2b8c2645feaae8d3ca3ee434035fbb668b5b82f570?s=96&d=mm&r=g\",\"url\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/22cb97c2b08df229330efb2b8c2645feaae8d3ca3ee434035fbb668b5b82f570?s=96&d=mm&r=g\",\"contentUrl\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/22cb97c2b08df229330efb2b8c2645feaae8d3ca3ee434035fbb668b5b82f570?s=96&d=mm&r=g\",\"caption\":\"Ghana News\"},\"sameAs\":[\"https:\\\/\\\/www.ghanamma.com\\\/2024\"],\"url\":\"https:\\\/\\\/www.ghanamma.com\\\/2024\\\/author\\\/ghanamma\\\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"PAC commends SSNIT for its financial success - Ghanamma.com","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.ghanamma.com\/2024\/08\/18\/pac-commends-ssnit-for-its-financial-success\/","og_locale":"en_US","og_type":"article","og_title":"PAC commends SSNIT for its financial success - Ghanamma.com","og_description":"The Public Accounts Committee (PAC) of Parliament has praised the management of the Social Security and National Insurance Trust (SSNIT) for the company\u2019s financial success. PAC also encouraged the Trust to maintain and improve its financial standing. In 2022, SSNIT\u2019s total income increased by 35.1 per cent, reaching GH\u00a25,272,183,000 from GH\u00a23,903,635,000 in 2021. This growth […]","og_url":"https:\/\/www.ghanamma.com\/2024\/08\/18\/pac-commends-ssnit-for-its-financial-success\/","og_site_name":"Ghanamma.com","article_published_time":"2024-08-18T06:38:54+00:00","og_image":[{"width":297,"height":293,"url":"https:\/\/www.ghanamma.com\/2024\/wp-content\/uploads\/2024\/08\/Screen-Shot-2015-03-04-at-8.13.22-AM.png","type":"image\/png"}],"author":"Ghana News","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Ghana News","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.ghanamma.com\/2024\/08\/18\/pac-commends-ssnit-for-its-financial-success\/#article","isPartOf":{"@id":"https:\/\/www.ghanamma.com\/2024\/08\/18\/pac-commends-ssnit-for-its-financial-success\/"},"author":{"name":"Ghana News","@id":"https:\/\/www.ghanamma.com\/2024\/#\/schema\/person\/c70749f3edfbfcd92d45e933f0fe10b5"},"headline":"PAC commends SSNIT for its financial success","datePublished":"2024-08-18T06:38:54+00:00","mainEntityOfPage":{"@id":"https:\/\/www.ghanamma.com\/2024\/08\/18\/pac-commends-ssnit-for-its-financial-success\/"},"wordCount":365,"commentCount":0,"image":{"@id":"https:\/\/www.ghanamma.com\/2024\/08\/18\/pac-commends-ssnit-for-its-financial-success\/#primaryimage"},"thumbnailUrl":"https:\/\/www.ghanamma.com\/2024\/wp-content\/uploads\/2024\/08\/Screen-Shot-2015-03-04-at-8.13.22-AM.png","articleSection":["Business"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/www.ghanamma.com\/2024\/08\/18\/pac-commends-ssnit-for-its-financial-success\/#respond"]}]},{"@type":"WebPage","@id":"https:\/\/www.ghanamma.com\/2024\/08\/18\/pac-commends-ssnit-for-its-financial-success\/","url":"https:\/\/www.ghanamma.com\/2024\/08\/18\/pac-commends-ssnit-for-its-financial-success\/","name":"PAC commends SSNIT for its financial success - Ghanamma.com","isPartOf":{"@id":"https:\/\/www.ghanamma.com\/2024\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.ghanamma.com\/2024\/08\/18\/pac-commends-ssnit-for-its-financial-success\/#primaryimage"},"image":{"@id":"https:\/\/www.ghanamma.com\/2024\/08\/18\/pac-commends-ssnit-for-its-financial-success\/#primaryimage"},"thumbnailUrl":"https:\/\/www.ghanamma.com\/2024\/wp-content\/uploads\/2024\/08\/Screen-Shot-2015-03-04-at-8.13.22-AM.png","datePublished":"2024-08-18T06:38:54+00:00","author":{"@id":"https:\/\/www.ghanamma.com\/2024\/#\/schema\/person\/c70749f3edfbfcd92d45e933f0fe10b5"},"breadcrumb":{"@id":"https:\/\/www.ghanamma.com\/2024\/08\/18\/pac-commends-ssnit-for-its-financial-success\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.ghanamma.com\/2024\/08\/18\/pac-commends-ssnit-for-its-financial-success\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.ghanamma.com\/2024\/08\/18\/pac-commends-ssnit-for-its-financial-success\/#primaryimage","url":"https:\/\/www.ghanamma.com\/2024\/wp-content\/uploads\/2024\/08\/Screen-Shot-2015-03-04-at-8.13.22-AM.png","contentUrl":"https:\/\/www.ghanamma.com\/2024\/wp-content\/uploads\/2024\/08\/Screen-Shot-2015-03-04-at-8.13.22-AM.png","width":297,"height":293},{"@type":"BreadcrumbList","@id":"https:\/\/www.ghanamma.com\/2024\/08\/18\/pac-commends-ssnit-for-its-financial-success\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.ghanamma.com\/2024\/"},{"@type":"ListItem","position":2,"name":"PAC commends SSNIT for its financial success"}]},{"@type":"WebSite","@id":"https:\/\/www.ghanamma.com\/2024\/#website","url":"https:\/\/www.ghanamma.com\/2024\/","name":"Ghanamma.com","description":"Ghana mma provides breaking news, top stories in Ghana, Africa, business, entertainment, politics and more.","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.ghanamma.com\/2024\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/www.ghanamma.com\/2024\/#\/schema\/person\/c70749f3edfbfcd92d45e933f0fe10b5","name":"Ghana News","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/secure.gravatar.com\/avatar\/22cb97c2b08df229330efb2b8c2645feaae8d3ca3ee434035fbb668b5b82f570?s=96&d=mm&r=g","url":"https:\/\/secure.gravatar.com\/avatar\/22cb97c2b08df229330efb2b8c2645feaae8d3ca3ee434035fbb668b5b82f570?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/22cb97c2b08df229330efb2b8c2645feaae8d3ca3ee434035fbb668b5b82f570?s=96&d=mm&r=g","caption":"Ghana News"},"sameAs":["https:\/\/www.ghanamma.com\/2024"],"url":"https:\/\/www.ghanamma.com\/2024\/author\/ghanamma\/"}]}},"_links":{"self":[{"href":"https:\/\/www.ghanamma.com\/2024\/wp-json\/wp\/v2\/posts\/210612","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.ghanamma.com\/2024\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.ghanamma.com\/2024\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.ghanamma.com\/2024\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.ghanamma.com\/2024\/wp-json\/wp\/v2\/comments?post=210612"}],"version-history":[{"count":0,"href":"https:\/\/www.ghanamma.com\/2024\/wp-json\/wp\/v2\/posts\/210612\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.ghanamma.com\/2024\/wp-json\/wp\/v2\/media\/210613"}],"wp:attachment":[{"href":"https:\/\/www.ghanamma.com\/2024\/wp-json\/wp\/v2\/media?parent=210612"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.ghanamma.com\/2024\/wp-json\/wp\/v2\/categories?post=210612"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.ghanamma.com\/2024\/wp-json\/wp\/v2\/tags?post=210612"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}