Director-General of the Social Security and National Insurance Trust (SSNIT), Kwesi Afreh Biney, has assured contributors and pensioners that the Trust remains financially strong and capable of meeting its obligations despite past challenges.
Mr. Biney said the institution has used past hurdles as opportunities to improve its operations and strengthen its sustainability.
He highlighted SSNIT’s consistent record of paying pensions since its establishment in 1965. “The institution remains strong. There were challenges, but there were opportunities in there. I inherited both challenges and positives, and we worked together to define a strategy for the future,” he said.
According to Mr. Biney, SSNIT has paid pensions without interruption for nearly six decades. “In 1965, there were only three pensioners. Today, we pay over 257,000 pensioners every month,” he added.
He disclosed that the Trust had disbursed more than GH¢5 billion in pension payments so far this year, reflecting its financial capacity and commitment to contributors. “This year alone, we paid in excess of five billion cedis in pensions. The trust will continue to evolve, become stronger, and put in systems to ensure that we never fail,” he stated.
Mr. Biney also explained that SSNIT operates a defined benefit scheme backed by government guarantees, ensuring contributors’ pensions remain secure. “This is a defined benefit scheme, so it’s one that we have to pay. The government guarantees it. There’s nothing like the trust failing and putting pensions in jeopardy,” he emphasized.
