Accra, Dec4l 4, GNA – A group of 150 Pensioners calling themselves “Pensioners for Reforms” have registered their displeasure on some administrative pension issues in the country.
“We are an ad hoc and unregistered group, united by lived experiences of hardship under the current SSNIT structure, and a shared commitment to draw attention to the issues that affect hundreds of thousands of retired workers in Ghana.
“Our purpose in writing is simple: to respectfully appeal to your high office for bold, comprehensive reforms that instill fairness, transparency, and dignity in Ghana’s pension scheme — reforms that will not only safeguard current pensioners but also protect future generations of workers.”
In a statement issued by Fuseini Abdulai Braimah, a Leader of the group and copied to the Ghana News Agency in Accra said SSNIT remained a critical institution, providing monthly pension to hundreds of thousands of retirees.
“Yet, evidence from recent analyses and lived experiences of pensioners indicates that SSNIT faces structural, legal, financial, and governance challenges that, if unaddressed, threaten its sustainability and the well-being of retirees”.
The statement outlined some of their concerns as Erosion of Reserves. “Recent ILO-commissioned actuarial projections indicate that SSNIT’s reserves could depreciate drastically in the coming years if current trends continue. This poses a direct threat to the long-term viability of the Trust”.
It said the SSNIT was owed billions of Cedis, a greater portion of which stemmed from delayed government contributions.
“Inflation-adjusted returns on SSNIT’s investments are marginal, limiting the Trust’s capacity to grow reserves and meet future obligations and reports highlight political interference in board appointments, discretionary investment decisions, and insufficient transparency in management, which all undermine public trust”.
The statement added that Monthly pension payments do not address health, housing, or social vulnerabilities and no formal welfare programmes or pensioners’ charter exist to protect retirees’ rights comprehensively.
“Informal sector workers, who constitute a significant portion of Ghana’s workforce, remain largely unrepresented in SSNIT’s contributory scheme, reducing the scheme’s inclusivity and risk pooling”.
To address the challenges and restore public confidence in SSNIT, they proposed to the government to codify the rights of retirees, including guaranteed indexation, transparent computation formulas, welfare support, and free access to health services, which should be enforceable under NPRA regulations.
They also proposed establishment of independent commission to research, advocate, and monitor social protection policies for the elderly, ensuring that pensions integrate with broader welfare issues.
“Convene regular hearings with pensioners’ groups, civil society, and experts to review SSNIT governance, investment strategy, and arrears, ensuring transparency and accountability and diversify SSNIT’s investment portfolio prudently, ensure arrears are cleared in cash, and establish a stabilization fund to buffer against future financial shocks.
Theyalso proposed the acceleration enrolment of self-employed and informal-sector workers, leveraging mobile money and digital ID systems to widen participation and risk sharing.
“Pensioners are Ghanaian citizens who dedicated their working lives to our dear nation. They deserve more than mere survival; they deserve dignity, transparency, and a secure future. SSNIT must not only continue its administrative function but also fulfill its moral and social mandate.
“We are aware that come December, SSNIT will announce some increase in pension pay-outs, and we eagerly look forward to realistic increases, a 13-month pay-out, and free Medicare for all pensioners in Ghana.
“There are pensioners who are 65 years and above, who are economically vulnerable and without family support. Such pensioners could be eligible for Livelihood Empowerment Against Poverty (LEAP) benefits. Ghana’s Re-set Agenda will be meaningless unless it ensures retirement income security for SSNIT pensioners in particular, and equity in pensions generally”.
GNA
Edited by George-Ramsey Benamba