The Social Security and National Insurance Trust (SSNIT) has recorded the payment of GH¢3.7 billion in pension benefits during the third quarter of 2024.
Director-General of SSNIT, Kofi Bosompem Osafo-Maafo, disclosed this at the maiden ‘SSNITposium’ held at the University of Professional Studies (UPSA), revealing that pension payments are expected to reach GH¢4.8 billion by year-end.
“We have never reneged on our obligations in the payment of pension benefits despite limited contributions,” Osafo-Maafo assured.
At the same event, the Director-General emphasized the scheme’s strong financial performance, with net contributions increasing from GH¢4.36 billion in 2022 to over GH¢6 billion in 2023, a figure expected to grow further in 2024.
SSNIT also recorded GH¢844 million in investment income this year, surpassing the GH¢700 million achieved in 2023.
The ‘SSNITposium,’ designed to foster collaboration with experts, aims to ensure the long-term sustainability of the scheme through strategic decision-making and innovation.
Speaking on the scheme’s future, SSNIT Area Manager, Frank Molbila, highlighted the symposium as a key platform for national dialogue and collaboration among stakeholders. He stressed the importance of drawing from academia and professional bodies to shape the future of SSNIT.
The Vice-Chancellor of UPSA, Prof. John Mawutor, echoed this sentiment, urging academia to provide constructive feedback to strengthen the scheme and protect the interests of both current and future beneficiaries.
