The Social Security and National Insurance Trust (SSNIT) says it saved GH¢ 519 million by “deactivating” names of “ghost pensioners” from its payroll.  

Mr Kofi Osafo-Maafo, Director General, SSNIT, made this known at a press briefing in Accra, addressing issues about investments and operations of the Scheme. 

Highlighting some developments and functions, he said the Trust continued to provide retirement benefits that “no other pension scheme” in the country offered.

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He noted that members on the Scheme have had appreciable percentage increments in their pensions over the period, and the Scheme continued to cater for those members declared “unfit to work”. 

“A member on pension for 22 years, as of 2022, has had overall pension increment of 3,684 percent; a member on pension for 17 years has had 1,026 percent…and those on pension for 7 years have had an increment of 132.21 percent,” he stated. 

The Director General said the Scheme would remain viable in the years ahead, contrary to reports that it was “running out of funds”.   

He referred to an International Labour Organisation (ILO) report, and said such projections were not “enough basis” to conclude that the Scheme was becoming insolvent. 

“We are taking significant steps to ensure that we thrive in this market place…We don’t just want to survive; we intend to thrive and the whole idea that we are running out of funds is not something that we even consider,” he stated. 

Mr Osafo-Maafo said SSNIT would continue to make changes in its operations and expand coverage, while dealing with indebtedness to the Scheme by public and private sector employers. 

“On the investment side, we are ensuring that we manage funds prudently and we intend to do so moving forward,” he said, and encouraged individuals to join the Scheme. 

He added that the Trust was improving technology and would continue to adopt various strategies to remain efficient in future.