{"id":230895,"date":"2024-10-12T17:29:57","date_gmt":"2024-10-12T17:29:57","guid":{"rendered":"https:\/\/www.ghanamma.com\/2024\/10\/12\/ssnit-financially-strong-to-meet-obligations-director-general\/"},"modified":"2024-10-12T17:29:57","modified_gmt":"2024-10-12T17:29:57","slug":"ssnit-financially-strong-to-meet-obligations-director-general","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2024\/10\/12\/ssnit-financially-strong-to-meet-obligations-director-general\/","title":{"rendered":"SSNIT financially strong to meet obligations \u2013 Director-General"},"content":{"rendered":"<p><\/p>\n<div>\n<p class=\"article-image\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/cdn.ghanaweb.com\/imagelib\/pics\/537\/53772956.295.jpg\" alt=\"Kofi Bosompem Osafo-Maafo, Director-General of SSNIT\" title=\"Kofi Bosompem Osafo-Maafo, Director-General of SSNIT\" width=\"295\" height=\"170\" \/> <span class=\"image_caption\"><span>Kofi Bosompem Osafo-Maafo, Director-General of SSNIT<\/span><\/span><\/p>\n<\/div>\n<div style=\"-webkit-user-select: none; -webkit-touch-callout: none; -moz-user-select: none; -ms-user-select: none; user-select: none;\">\n<p id=\"article-123\">The Director Gen\u00aderal of the Social Security and Na\u00adtional Insurance Trust (SSNIT), Kofi Osafo Maafo, has said SSNIT is viable in a strong financial position to meet their obligations to pensioners in spite of the challenges.<\/p>\n<p>\u201cSSNIT has never defaulted in paying of pensions and benefits since the scheme was established,\u201d he said.<\/p>\n<p>Maafo gave the assurance in Accra during an en\u00adgagement with pensioners amidst public criticism that the scheme was not sustainable.<\/p>\n<p>He said as of August this year, SSNIT had paid more than GH\u00a23.7 billion pension to 250,000 retired workers and projected to pay more than GH\u00a24 billion by the end of the year.<\/p>\n<p>Dubbed Pensioners\u2019 Engage\u00adment 2024, the programme was on the theme \u201cOur Promise, Your Security.\u201d<\/p>\n<p>Attended by more than 200 members of the National Pen\u00adsioners Association (NPA), it pro\u00advided opportunity for the Trust to answer questions bothering the minds of retired workers.<\/p>\n<p>Addressing the participants, Maafo said SSNIT in 2021 record\u00aded a surplus position of approxi\u00admately GH\u00a2230 million.<\/p>\n<p>\u201cIn 2022 and in 2023, we improved that, and we chalked down a much more significant surplus. And in 2024, year to date, we continue to produce a surplus, driven by a combination of net investment income, improved net contributions, and management of our costs,\u201d Maafo stated.<\/p>\n<p>He said Trust was focused on making the scheme even stronger by expanding coverage to the vast numbers of self-employed work\u00aders in the country.<\/p>\n<p>Maafo said the SSNIT was committed to building a more inclusive system that benefitted every worker, and ensuring a se\u00adcure retirement for all, adding that SSNIT \u201cOffered the best pension scheme that is available.\u201d<\/p>\n<p>\u201cAs some of you may know, our pension system is partially funded. We are taking rigorous steps on all fronts to ensure continued sustainability of the scheme. We are managing costs better. We are improving contri\u00adbution collections and managing investments prudently,\u201d the Direc\u00adtor General stated.<\/p>\n<p>He said SSNIT had been suc\u00adcessful in engaging the govern\u00adment on areas to help improve the financial position of the scheme.<\/p>\n<p>\u201cIt is our commitment to deliv\u00ader reliable pensions and expand income security to more individ\u00aduals. With your trust and support, we will build a stronger, more secure future together,\u201d Mr Maafo stated.<\/p>\n<p>The General Secretary of NPA, Stephen Boakye, said the SSNIT pension scheme had been a lifeline, providing security, digni\u00adty and hope to retired workers.<\/p>\n<p>\u201cSSNIT has been and continues to be a lifeline for thousands of Ghanaians. We must safeguard it, strengthen it, and improve it,\u201d he stated.<\/p>\n<p>Boakye said since 1991 SSNIT had not reneged in the payment of pension to pension\u00aders.<\/p>\n<p>He entreated workers in both public and private sectors as well as informal sector workers to join SSNIT to enjoy retirement income security.<\/p>\n<p>According to him, individuals who made their children their pension plan had lived to regret, emphasizing that SSNIT took away future financial uncertainties and paid monthly pension regular\u00adly for retired workers.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Kofi Bosompem Osafo-Maafo, Director-General of SSNIT The Director Gen\u00aderal of the Social Security and Na\u00adtional Insurance Trust (SSNIT), Kofi Osafo Maafo, has said SSNIT is viable in a strong financial position to meet their obligations to pensioners in spite of the challenges. \u201cSSNIT has never defaulted in paying of pensions and benefits since the scheme [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":230896,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9],"tags":[],"class_list":["post-230895","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.8 - 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