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Director-General of the Social Security and National Insurance Trust (SSNIT), Kwesi Afreh Biney, says his outfit is financially viable despite past challenges.
According to him, the entity managing contributors’ funds pays over 257,000 pensioners each month.
Mr. Biney explained that while SSNIT, as an institution, had faced hurdles in the past, it has also seized opportunities to strengthen its operations, thus making the Trust financially viable and sustainable.
Speaking in an interview on Accra-based Citi FM on Thursday, October 30, ahead of SSNIT’s 60th-anniversary commemoration, the DG of SSNIT highlighted the institution’s long-standing record of consistency in fulfilling its pension obligations, saying, “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, only three pensioners were being paid. Today, we pay over 257,000 pensioners each month.”
Mr. Biney revealed that the Trust had disbursed over GH¢5 billion 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…. 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.
Mr. Biney further explained 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,” the DG of SSNIT emphasized.
