Organised labour in Ghana is set to hold an emergency meeting next week to demand a full-scale investigation into the operations of the Social Security and National Insurance Trust (SSNIT). This decision comes after a report published by the International Labour Organisation (ILO) raised concerns about the sustainability of SSNIT’s pension reserves.
Thomas Musah Tanko, who is the General Secretary of the Ghana National Association of Teachers (GNAT), revealed the plans for the emergency meeting during an exclusive interview in Accra. He emphasized the need for Parliament and civil society groups to speak out against the challenges facing SSNIT.
The findings from the ILO report indicate that by 2036, SSNIT’s pension reserves could be depleted, posing a risk to the payment of benefits to pensioners. This would leave SSNIT relying solely on investment returns to increase benefits for retirees, while also requiring workers to contribute more to the pension scheme.
Mr. Tanko expressed surprise at the findings of the report, particularly in light of the Auditor-General’s report from 2020, which highlighted that the government owed SSNIT over GHC1.2 billion. He raised concerns about the ballooning figure of over GHC6 billion in 2021, compared to the initial debt.
The GNAT General Secretary also voiced apprehension about the impact of SSNIT’s current situation on retiree benefits, urging for greater transparency around SSNIT’s total indebtedness. He emphasized the need for SSNIT to be more connected to workers, similar to the success of the tier two pension scheme.
Other unions, including the National Association of Graduate Teachers (NAGRAT), have also expressed worries about the management of SSNIT. The collective calls for a thorough investigation into SSNIT’s operations highlight the importance of addressing the challenges facing the pension scheme in Ghana.
By Daniel Opoku.
