SSNIT reports strong financial turnaround for 2022 and 2023

The Social Security and National Insurance Trust (SSNIT) has reported a significant financial turnaround with impressive surplus figures for 2022 and 2023, showcasing the trust's strong financial performance and prudent management strategies.

Kofi Osafo Maafo, Director-General of SSNIT, announced that the trust recorded a surplus of GH¢230 million in 2022, a remarkable improvement from a deficit position in 2021. This surplus reflects the trust's effective management and sound investment strategies.

Looking ahead, Mr. Maafo revealed that SSNIT is projecting an even stronger performance for 2023, with an expected surplus of GH¢864 million by the end of the year. This anticipated figure represents a substantial increase from the 2022 surplus, underscoring the trust's continued strong financial position.

Mr. Maafo attributed these positive results to improvements in contribution collection, net investment income, cost control measures, and overall trust management. He praised the SSNIT team for their dedication and commitment to achieving these remarkable outcomes.

“The key point I would like to make is that we continue as a team within the trust to manage our investments and operations prudently and effectively, and this is reflected in our figures. In 2022, we achieved a surplus of about GH¢230 million, moving from a deficit in 2021. For 2023, we anticipate a surplus of approximately GH¢864 million, and we expect a similarly strong performance in 2024, based on the figures we have to date,” Mr. Maafo stated.

Mr. Kofi Osafo Maafo made these remarks at the SSNIT Employers' Breakfast meeting today in Accra, which was themed "Maximizing the Use of Digital Platforms to Improve Contribution Collection and Payment."

The event provided a platform for healthy discussions with employers, addressing concerns about pension payments and highlighting the use of digital platforms to enhance trust operations.

Juliana Kpedekpo, Deputy Director-General of Operations & Benefits, emphasized the primary objective of the SSNIT Scheme: to provide retirement benefits to workers while recognizing the critical role employers play in fulfilling their obligations to employees.

She noted that SSNIT has launched several apps and platforms, including the recently introduced SSNIT Digital Bouquet, designed to enhance service delivery. These digital platforms aim to reduce congestion at SSNIT branches and simplify the process of paying contributions.

"Additionally, the Self-employed Enrolment Drive (SEED) initiative has successfully extended pension coverage to self-employed individuals and workers in the informal sector. We encourage you to serve as ambassadors and promote the value proposition of the Trust, especially to the self-employed," Kpedekpo added.

She called on everyone to play their part in ensuring pension coverage is extended to all citizens.

"We all have a collective role to play in ensuring that pension coverage reaches everyone who spends their best years working daily to build our country. We appreciate your partnership and commitment to seamless service, and we look forward to continuing our collaboration," she concluded.