The Employment, Labour Relations, and Pensions Minister, Ignatius Baffour Awuah, says the Social Security and National Insurance Trust (SSNIT) is making significant progress in expanding pension coverage through its Self-Employed Enrolment Drive (SEED) initiative.

Launched in May 2023, the SEED initiative has successfully enrolled over 103,292 self-employed individuals into the SSNIT Scheme, a crucial move towards ensuring financial security for a wider section of the Ghanaian workforce.

Speaking at the Minister’s Press Briefing organised by the Ministry of Information in Accra, Mr Baffour Awuah highlighted the initiative’s impact.

He explained that SEED was introduced to address the long-standing issue of low pension coverage among self-employed workers, who constitute a substantial portion of Ghana’s labour force.

The initiative offers tailored benefits and flexible contribution plans, making pension security accessible to self-employed persons in a way similar to what salaried workers enjoy under the SSNIT Scheme.

“With the launch of SEED, we are making pensions accessible to every Ghanaian, regardless of their employment status.

"This initiative is a game-changer for self-employed individuals who previously lacked the means to secure their future through pension contributions,” said Mr Baffour Awuah.

The Minister also revealed that, in the first half of 2024, SSNIT collected 90.8% of its projected private sector contributions, amounting to GH¢2.4 billion, just below the expected GH¢2.6 billion.

Meanwhile, public sector contributions exceeded expectations, with SSNIT collecting GH¢3.2 billion, representing 144% of the projected GH¢2.2 billion.

Additionally, the SEED initiative has generated GH¢52.6 million in contributions, a figure expected to grow as more self-employed individuals join the scheme.

“Our focus is not just on expanding coverage but also on ensuring that these contributions translate into meaningful benefits for our members.

"The success of SEED so far is a testament to the trust that self-employed Ghanaians have placed in SSNIT to safeguard their future,” the Minister added.

Beyond SEED’s success, SSNIT’s total assets under management have seen substantial growth, increasing from GH¢15.2 billion in December 2016 to GH¢71.69 billion by March 2024—a remarkable 350% increase over seven years.

These assets are critical for investment, infrastructure development, and job creation, contributing significantly to the broader economic growth of the country.

The Minister reaffirmed the government’s commitment to ensuring the responsible management and protection of pension funds.

“The success of initiatives like SEED underscores the importance of our fiduciary responsibility. We will continue to safeguard the pensions of all contributors and ensure that their future remains secure,” he concluded.