Director-General of the Social Security and National Insurance Trust (SSNIT), Kwesi Afreh Biney, has assured contributors and pensioners that the Trust remains financially strong and sustainable despite past challenges.
Speaking in an interview on the Citi Breakfast Show with Bernard Avle on Thursday, October 30, ahead of SSNIT’s 60th anniversary, Mr. Biney noted that while the institution had faced hurdles, it has also seized opportunities to strengthen its operations.
He highlighted SSNIT’s long-standing record of consistency in fulfilling its pension obligations, stating, “The institution remains strong. There were challenges, but there were opportunities in there. I inherited challenges and positives, but we worked together to define a strategy for what the future will look like.”
“What I will say is that we have successfully paid pensions since 1965. In 1965, there were only three pensioners being paid. Today, we pay over 257,000 pensioners each month.”
Mr. Biney revealed that SSNIT had disbursed over GH¢5billion in pension payments so far this year, underscoring the Trust’s capacity and commitment to meeting its obligations.
“This year alone, we paid in excess of five billion cedis in pensions. Is it sustainable? The trust will continue to evolve, we will continue to make it stronger, and we’ll put in systems to ensure that we never fail,” he noted.
He further clarified that SSNIT operates a defined benefit scheme, which guarantees contributors’ pensions under government oversight.
“This is a defined benefit scheme, so it’s one that we have to pay. It’s what the government even has to guarantee as well. So there’s nothing like the trust will fail, for which reason people’s pensions will be in jeopardy, no,” Mr. Biney emphasised.