Finance Minister Dr. Cassiel Ato Forson has announced that his outfit has cleared all arrears owed by the government to the Social Security and National Insurance Trust (SSNIT).

Speaking at the inauguration ceremony of the new Board of Trustees in Accra, Dr. Forson reiterated the government’s commitment to sustaining the country’s pension system, confirming that all outstanding obligations to SSNIT have been fully settled.

“I want to assure you that the government is current on all payments due to SSNIT,” he stated. “We are determined to continue honoring these obligations to safeguard the pensions of Ghanaian workers.”

Director-General of SSNIT, Mr. Kwesi Afreh Biney, confirmed the payments and noted that the government has not only cleared arrears it inherited but has also fulfilled all current obligations.

The Finance Minister’s assurance comes amid increased public scrutiny over the management of pension funds and renewed calls for transparency in SSNIT’s investment decisions. His remarks are expected to strengthen public confidence in the fund’s financial position and the government’s dedication to protecting workers’ retirement benefits.

The newly constituted SSNIT Board is chaired by Nana Ansah Sasraku III and comprises representatives from government, organised labour, and employer groups. The Board is tasked with providing strategic oversight and ensuring sound governance of the fund.

As of October 2024, the government had defrayed approximately GHC2.5 billion of its GHC5 billion debts owed to the Social Security and National Insurance Trust (SSNIT) in the form of bonds.

This was revealed by the past Director-General of the Trust, Kofi Osafo-Maafo, who said the government had paid part of the money it owed the pension scheme after several talks between the two sides to boost the financial state of SSNIT.

Experts who looked into SSNIT’s finances found that the government's delay in paying what it owed had hurt the scheme's ability to invest and make profits. SSNIT’s records at the close of 2021 showed that the government owed it GHS6.9 billion out of a total debt of GHS9.3 billion.

This meant about 75% of all the money SSNIT was owed came from the government. The unpaid money included pension contributions and the interest that had built up over time. Due to this huge debt, SSNIT’s returns on its investments dropped by about 1.3% each year.

It is in view of this that the chairman of the newly constituted Board of Trustees for the Social Security and National Insurance Trust (SSNIT), Nana Ansah Sasraku III, has committed to providing strategic direction to the Trust by leveraging collective expertise to drive growth, sustainability, and excellence in service delivery.

Nana Ansah Sasraku III noted that a roadmap for the Trust will be provided to safeguard the Scheme’s sustainability and ensure that it continues to meet its obligations to its valued members. He acknowledged the magnitude of the task ahead and expressed the Board’s readiness to deliver.

“We know that the task before us is immense. But what greater responsibility is there than securing the retirement incomes of the very people who built our nation? And what greater task is there than ensuring that after years of service, the Ghanaian worker can rest, assured that their future is safe? Yes, we are fully aware of the magnitude of the work ahead. But we are prepared, united and committed to ensure that the Trust's resources are managed with integrity, prudence and foresight to secure the future of contributors and beneficiaries,” he said.