The Social Security and National Insurance Trust (SSNIT)
The Social Security and National Insurance Trust (SSNIT) plans to overhaul its investment strategy and expand contributor coverage as it seeks to improve the real value of pension benefits in the face of persistent inflation.
SSNIT’s Director-General, Kwasi Afreh Biney, said the Trust is dissatisfied with the current mismatch between inflation and pension indexation, describing this year’s 12 percent increase in benefits as “unconscionable” – given that inflation has remained well above that level for most of the year.
“We will not sleep until we begin getting returns that are higher than inflation,” Biney told pensioners at the Trust’s annual stakeholder engagement. He stressed a need for real returns to preserve the purchasing power of retirees and sustain confidence in the scheme.
The Trust has begun reviewing its investment approach in collaboration with its subsidiaries, with the aim of reallocating funds to higher yielding but prudent assets. SSNIT manages assets on behalf of Ghana’s working population, with pensions forming a key source of income for over 200,000 retirees.
According to the Director-General, SSNIT’s ability to improve indexation in future years will hinge on two variables: stronger investment performance and an expanded contributor base. He argued that boosting the number of active contributors, especially from the informal sector, is critical to improving the scheme’s liquidity and long-term viability.
The Trust is currently undertaking several initiatives to improve accessibility and service delivery, including partnerships with commercial banks to host SSNIT service officers in bank branches. These co-location arrangements will allow pensioners to access SSNIT services closer to their communities without visiting a standalone branch.
SSNIT is also developing a virtual branch, scheduled for rollout by the end of September, which will enable pensioners to interact with staff in real-time across key functions including compliance and benefits. The aim is to reduce friction in service delivery and speed up resolution of complaints or data issues.
Digitalisation is also seen as a way to maintain engagement with pensioners at scale without additional infrastructure costs.
Biney acknowledged, however, that some pensioners will require assistance in using digital platforms and said the Trust is developing support mechanisms for that segment.
Beyond payments and platform upgrades, SSNIT is piloting a telemedicine service expected to launch later this year – aimed at pensioners in areas with limited healthcare access.
Biney said this is part of SSNIT’s attempt to offer “value-added” services and reposition the Trust as more than just a payment processor.
The meeting was attended by leadership of the National Pensioners Association (NPA), whose General Secretary, Stephen Boakye, welcomed the renewed commitment to stakeholder engagement and service transparency.
He said SSNIT’s willingness to listen to retirees and invest in their broader well-being is helping to “strengthen the whole idea of social security in Ghana”.
Boakye urged SSNIT to maintain its posture of accountability and continue expanding the scheme’s reach. “We challenge you to guard the Fund, communicate often and never lose sight of the people at the heart of your work,” he said.
SSNIT will mark its 60th anniversary later this month, using the occasion to consult stakeholders on long-term reforms and blueprint a strategy for the next phase of the pension scheme’s evolution.