Organised Labour is calling for urgent restructuring of the Social Security and National Insurance Trust (SSNIT) due to inefficiencies and soaring administrative costs.
As of December 2023, SSNIT was in debt to the tune of over GHC2 billion, prompting concerns from stakeholders.
The Bediako Presidential Commission report of 2006 recommended the establishment of a three-tier pension system and the National Pensions Regulatory Authority. However, little progress has been made in implementing these recommendations, leading to further frustrations among workers.
Isaac Bampoe Addo, Chairman of The Forum, has emphasized the need for an immediate review of the Pension Act and the restructuring of SSNIT to address its inefficiencies. He pointed out the lack of returns on investments and the government’s indebtedness to SSNIT as key issues that need to be resolved.
Members of The Forum expressed disappointment in the government’s failure to settle its debts with SSNIT, with the Controller and Accountant General’s Department owing GHC2.5 billion as of December 31st. The International Labour Organization (ILO) report also revealed that SSNIT owes over GHC9 billion while the government owes GHC6 billion of that amount.
General Secretary of the General Agricultural Workers Union (GAWU) Edward Kareweh raised concerns about the potential impact of SSNIT’s financial struggles on workers’ contributions. He stressed the interconnectedness between SSNIT’s stability and the well-being of workers.
The prevailing uncertainty around SSNIT’s future, including debates over the sale of shares, has exacerbated concerns among stakeholders. Workers are urging for decisive action to address the root causes of SSNIT’s financial challenges and ensure the security of their pension funds.
