President Nana Addo Dankwa Akufo-Addo has expressed his satisfaction with Social Security and National Insurance Trust’s (SSNIT’s) recent operational surplus of GH¢230 million.

He gave the commendation during the 12th Quadrennial Delegates Congress of the Trades Union Congress (TUC) at the Pentecost Convention Centre in Gomoa Fetteh, Central Region, yesterday.

He pointed out that the surplus was a reflection of the government’s commitment to ensuring that SSNIT remained a robust and reliable institution capable of meeting the pension needs of Ghanaian workers.

The President emphasised that such financial health was critical for the long-term sustainability of the pension scheme, adding that it served as a vital indicator of the Trust’s capability to fulfill its obligations to contributors.

The President addressed a recent controversy surrounding SSNIT’s efforts to offload non-performing assets in its hotel portfolio. He clarified that the transaction, which was eventually aborted, had been the only instance in recent history where external investors had expressed interest in SSNIT’s holdings.

He urged all stakeholders to approach such matters with caution, emphasising the importance of making decisions that would protect the long-term interests of pensioners. The President emphasised the improved performance and strategic decisions that had bolstered SSNIT’s financial health, and reassured workers of a secure pension future.

Further touting the improvements within the pension sector, President Akufo-Addo noted the increase in active contributors to the SSNIT scheme.

He mentioned that from a base of 1.35 million contributors in 2016, the number had grown to 2 million as of April 2024. This expansion, according to the President, was a testament to the trust and confidence that Ghanaians had in SSNIT.

He also highlighted the role of the National Pensions Regulatory Authority (NPRA) in increasing its presence across the country, with the expansion of zonal offices from two in 2016 to six in 2024, thereby bringing pension services closer to the people.

The President further mentioned the growth in pension coverage within the informal sector. He said the number of informal sector workers covered by pensions had seen a remarkable increase from 91,253 in 2016 to 817,444 currently.

This expansion, he noted, was crucial for ensuring that all Ghanaian workers, regardless of their sector, had access to pension benefits, thereby promoting financial security and social protection for all.

President Akufo-Addo also drew attention to the growth in total assets under management within the pension sector.  He reported that these assets had increased from GH¢15.7 billion in December 2016 to GH¢71.69 billion in March 2024, representing a substantial increase of 350%.

He stressed that the growth of pension fund assets was not just a statistic but a crucial factor in the country’s broader economic development. These funds, he noted, served as vital capital for investment, infrastructure development, and job creation, all of which were essential for the nation’s economic growth and stability.

The President reiterated his government’s commitment to expanding pension coverage, sustaining the current pensions regime, and enhancing the adequacy of pension payouts. He assured delegates that these efforts were aimed at securing the financial futures of all Ghanaian workers, both in the formal and informal sectors.