SSNIT aims for continued growth in financials
The Social Security and National Insurance Trust (SSNIT) has assured workers that it will continue to manage their investments prudently and sustainably.
The Trust is therefore confident of maintaining its strong financial performance in 2024 and beyond.
Speaking at the 2024 Employers Breakfast Meeting, the Director General of SSNIT, Kofi Osafo-Maafo, said “If you look at our figures in 2022 and 2023, in 2022 we recorded a surplus of about GH₵230 million and that came from a deficit position in 2021.”
“In 2023 we are looking at a surplus position of about GH₵864 million and in 2024 we expect a similarly strong performance based on the figures we have to date,” he said.
He said this performance was driven by the hard work from the management and staff of SSNIT to improve its contributions collection.
Mr Osafo-Maafo said the performance was also driven by improvements in net investment income, improvements in cost control and in general improvements in the way the Trust is run.
“So I want to take this opportunity again to reassure you that we are doing our best to improve the scheme and its sustainability. And indeed the figures show that,” he said.
Use of digital tools
The Director-General also noted that the cooperation and compliance of employers have allowed SSNIT to maximise the use of digital platforms to improve contribution collection and payment processes.
He said the digital platforms has made pension services more efficient, reducing delays in processing pension claims and simplifying administrative procedures.
“In the past, there were concerns about the time it took to get pensions paid and submit contribution reports. Over the years, we have made significant improvements in those areas,” he stated.
He further outlined the introduction of various digital services – including a mobile app and other online platforms designed to facilitate seamless engagement between contributors and the trust.
Enhancing services
The Deputy Director General of SSNIT, Juliana Kpedekpo, in her welcome address, said SSNIT was committed to enhancing its services to better serve its stakeholders.
She said SSNIT would continuously seek to implement initiatives that benefit members and clients, adding that stakeholder should not face bottlenecks when transacting business with the Trust.
She noted that the recently launched the SSNIT Digital Bouquet, includes specific digital platforms designed to improve the quality of service provided to employers and members.
“These platforms aim to among others, reduce congestion at our branches and ease the process of paying the contributions of your workers by the 14th of each month,” she stated.