The Executive Director of the Africa Centre for Retirement Research, Abdallah Mashud, has revealed that the Social Security and National Insurance Trust (SSNIT) has failed to fully implement the reform objectives established in 2008.

Speaking on the Joy News national dialogue on pension reforms on Thursday, July 25, Mr Mashud emphasized that despite several phases of change and seven major legislative reforms, including three amendments since independence, SSNIT has not achieved its 2008 goals.

The 2008 reform objectives included:

• Enhancing retirement income security for pensioners.
• Establishing uniform rules and regulations for the administration and payment of benefits in Ghana.

"Thirteen years after the implementation of Act 766, I can confidently tell you that the objectives of the reforms in 2008 have not been fully realised," Mr Mashud disclosed.

He proposed improving connectivity among SSNIT's pension Tiers (Tier 1, Tier 2, and Tier 3), noting that countries with well-performing multi-tier pension systems have achieved excellent connectivity between these tiers.

In Ghana, however, there has been a significant disconnect between Tier 1 and Tier 2, both operationally and systematically, he added.

"In terms of social security policies, we find that about 98% of beneficiaries of deceased workers did not receive their benefits under Tier 2. Beneficiaries who received Tier 1 benefits did not receive corresponding benefits under Tier 2" Mashud explained.