Inside The Numbers: Why Is Ssnit So Opaque ---And Who Has The Right To Demand The Truth?

Why does everything at the Social Security and National Insurance Trust (SSNIT) appear shrouded in secrecy? Is that perception fair? Is opacity justified? And most importantly, who has the legal and moral right to demand the data?

Secrecy or Structure?
To be precise, SSNIT does publish annual reports. Audited financial statements are available. Aggregate figures on assets, contributions, and benefits are disclosed. On paper, this satisfies statutory reporting obligations. But here is where the tension begins. Publishing audited accounts is not the same as practicing full transparency. Audited statements tell us total assets and total liabilities. They do not always tell us the detailed sector-by-sector investment breakdown, the exposure to specific state-linked enterprises, the actuarial sensitivity to inflation shocks, the long-term effect of the Domestic Debt Exchange Programme, and the reserve ratio relative to projected obligations over 20–30 years. Those details often sit within technical actuarial appendices not easily accessible or digestible to contributors. When pensioners ask for clarity and receive general assurances instead of granular explanations, secrecy becomes a perception, even if not an official policy.

Are Pensioners Entitled to the Data?

Yes, within legal bounds. SSNIT manages deferred wages. Contributions deducted from workers’ salaries are not donations. They are contractual savings under statutory protection. Under Ghana’s governance framework, several layers of oversight exist. The National Pensions Regulatory Authority (NPRA) supervises compliance. Parliament exercises oversight through relevant committees. The Auditor-General of Ghana audits public institutions. And, citizens can invoke the Right to Information Act, 2019 (Act 989) to request specific public data, subject to statutory exemptions. Pensioners therefore are not powerless observers. They are stakeholders with legal standing to request information --- especially where the information concerns sustainability, actuarial projections, and investment exposure. The RTI Act allows citizens to request public records unless disclosure threatens national security, commercial confidentiality, or protected personal data. Is pension actuarial modelling national security information? Hardly. Is aggregate investment exposure commercially sensitive? Perhaps in certain narrow circumstances, but broad allocation categories should not be.

Why Institutions Default to Silence

Large financial institutions often adopt cautious communication strategies for three reasons:

1. Market Sensitivity – Disclosure of certain investment positions may influence asset prices.
2. Political Risk – Detailed transparency can fuel controversy in polarized environments.
3. Technical Complexity – Actuarial models are difficult to communicate in simplified form.

But caution must not become concealment. Opacity breeds mistrust faster than bad news. And pension systems depend fundamentally on trust.

The Actuarial Black Box
Actuarial valuation is the beating heart of any pension system. It answers one central question: Can current assets and future contributions meet projected obligations? Actuarial reports typically include assumptions about inflation rates, wage growth, investment returns, life expectancy, and contribution compliance. Small changes in these assumptions produce large shifts in long-term projections. If inflation assumptions were calibrated at, say, 8–10% annually but actual inflation surged above 50% in 2022, that shock has long-term modelling consequences. Pensioners need answers to questions such as: Did SSNIT adjust its actuarial assumptions? Were pensioners informed how projections changed? Has the sustainability horizon shortened or remained stable? These are not destabilizing questions. They are responsible ones.

Who Can Demand the Numbers?
Several actors have both the authority and responsibility:

1. Parliament: The relevant parliamentary committees can summon SSNIT leadership and request full disclosures under oath.
2. NPRA: As regulator, the NPRA can require enhanced public reporting standards.
3. Auditor-General: The Auditor-General of Ghana can conduct performance audits beyond financial compliance.
4. Pensioner Associations: Organized pension groups can formally petition for actuarial summaries and invoke the Right to Information Act, 2019 (Act 989).
5. Civil Society and Media: Investigative journalism plays a crucial democratic role in demanding clarity.

Transparency is not hostility. It is accountability.

Is Secrecy the Right Approach?
No modern pension system thrives under opacity. Globally, leading pension funds publish detailed annual actuarial valuation reports, asset allocation breakdowns by percentage, risk management frameworks, stress-test scenarios, and long-term sustainability projections. When contributors understand the numbers, even difficult adjustments gain legitimacy. Silence, however, creates space for conspiracy theories. If SSNIT is strong, detailed transparency would silence critics. If it faces structural strain, early openness allows reform before crisis.

The Psychological Cost of Opacity

Between 2023 and 2025, pensioners experienced real income decline due to inflation. During that period, communication was cautious and technical. What pensioners heard was not detailed explanation. What they felt was economic pain. That disconnect fuels suspicion. Is the fund under pressure? Were assets impaired? Are politically sensitive investments affecting returns? Is long-term sustainability weaker than advertised? Even if the answer to all four questions is “no,” absence of detailed communication allows doubt to grow. Trust is not sustained by silence.

Transparency Does Not Equal Weakness

Some institutions fear that publishing actuarial stress tests might trigger panic. In reality, the opposite is often true. When contributors see stress scenarios, reserve buffers, and contingency plans, confidence increases. Financial markets operate on disclosure. Pension systems should too.

A Constructive Transparency Agenda

If SSNIT wishes to reset the narrative, it could:

• Publish a plain-language actuarial brief explaining how inflation and debt restructuring affected long-term projections.
• Disclose broad sectorial exposure percentages (e.g., government securities, real estate, agriculture, financial services).
• Release stress-test scenarios showing sustainability under different inflation paths.
• Engage pensioner associations in structured quarterly briefings.

None of this undermines commercial confidentiality. All of it strengthens public trust.

The Moral Dimension
Pensions are not abstract financial instruments. They represent decades of work --- teachers, nurses, civil servants, private sector workers. When retirees ask questions, they are not attacking institutions. They are protecting dignity. Opacity may be administratively convenient. But transparency is morally superior.

The Core Question
Is SSNIT hiding something? There is no public evidence of wrongdoing. But the burden of proof in public finance lies with the institution, not the citizen. The real question is: Why not disclose more than the minimum required? Why not proactively publish actuarial sensitivity analyses? Why not eliminate doubt before it hardens into mistrust?

My Thoughts
Ghana is modernizing its banking sector under the leadership of the Bank of Ghana. Governance and prudential discipline are rightly emphasized. The same culture must define pension governance. Financial stability is not just about capital adequacy ratios. It is about confidence across generations. Pensioners are entitled to clarity. Workers contributing today are entitled to foresight. And SSNIT, if truly strong, has nothing to fear from sunlight. Because in public finance, transparency is not a threat. It is protection.

References
Auditor-General of Ghana. (2023). Annual report on public accounts.

International Labour Organization. (2022). World Social Protection Report 2020–22.

International Monetary Fund. (2023). Ghana: Extended Credit Facility Arrangement.

National Pensions Regulatory Authority. (2023). Annual Pension Industry Report.

Right to Information Act, 2019 (Act 989), Republic of Ghana.

Social Security and National Insurance Trust. (2023–2024). Annual Report and Financial Statements.

FUSEINI ABDULAI BRAIMAH
+233208282575 / +233550558008
[email protected]