Informal Sector Scheme to facilitate Gov't efforts

The Director-General of the Social Security and National Insurance Trust, SSNIT, Kwasi Boateng says its subsidiary Informal Sector Scheme, can facilitate the development efforts of government due to its capacity for enormous savings mobilization.

He said pension funds play a significant role in the development of financial markets and serve as sources of business and development capital.

Mr. Boateng disclosed this at the inauguration of the Hohoe Contact Office of the SSNIT Informal Sector Fund, the first of its kind, in the Volta Region.

He said the fund is envisioned to become the leader in the provision of social protection schemes for business entities in the informal sector through innovative product designs and excellent customer care.

Mr. Boateng said the fund was established following a study recommendation to expand the social security coverage of the estimated 85% of the economically active population that are not being served under the SSNIT Pension Scheme.

Chairman of the Executive Council of SSNIT Informal Sector Fund, Nana Fredua Agyeman Pambuo said the fund is setting up the necessary infrastructure and systems to facilitate its business processes, and explore avenues for an estimated nine million prospective clients to grow the size of the fund.

Nana Pambuo said the fund would work with all relevant state and regulatory agencies to ensure successful implementation of the scheme.

The Deputy Volta Regional Minister Colonel (rtd) Cyril Necku said government has demonstrated enough commitment towards the implementation of a three-tier National Pension