By Francis Ntow
Accra, Aug. 11, GNA – The Social Security and National Insurance Trust (SSNIT) is projected to remain solvent for the next 50 years if membership grows and contribution compliance reaches 100 per cent, a latest actuarial valuation has disclosed.
The valuation said the Scheme’s long-term sustainability would depend on annual membership growth of five per cent, full compliance with contribution payments and sustained investment income.
Mr Kwesi Afreh Biney, Director-General of SSNIT, disclosed this on Tuesday at an engagement with Organised Labour in Accra.
The valuation showed that at 85 per cent contribution compliance, SSNIT’s reserves would begin to deplete by 2067 and could be exhausted by 2073.
At 100 per cent compliance, however, the Scheme could remain sustainable beyond 2075 without major structural changes.
Mr Biney said SSNIT had recorded an average eight per cent membership growth over the past two years, while contribution collections had also exceeded projections.
He said the latest valuation, conducted in 2023 based on 2020 data, showed an improvement in the Scheme’s position compared with the previous valuation.
Mr Biney said active membership had increased to 2.17 million as of July 2026, following efforts to enrol more informal and private-sector workers.
The Trust is targeting 300,000 new members annually to increase active membership to 2.8 million by 2028.
“A critical part of that sustainability equation is the dependency ratio. Currently, there are eight active contributors for every pensioner on the payroll. International best practice sits at eight-to-one, but our new strategic plan aims to push that ratio to 10-to-one, easing pressure on the Trust,” he said.
Mr Biney said SSNIT’s assets under management had risen from GH¢28.4 billion in December 2025 to GH¢35.4 billion in June 2026.
Equities accounted for GH¢21 billion, representing 59 per cent of the portfolio, while fixed income accounted for 22 per cent, real estate 18 per cent and alternative investments 1.2 per cent.
“SSNIT’s investment strategy is deliberately Ghana-focused. Ninety-nine of investments are domestic, within the five per cent limit allowed by law for foreign exposure and keeping capital in Ghana supports job creation while generating returns to pay pensions,” he noted.
Mr Biney said the real return on investments for the first half of 2026 was 18 per cent, while gross investment income also increased in 2024 and 2025.
He said innovation and cost discipline would remain central to SSNIT’s sustainability, citing the virtual branch, 100 planned bank co-locations and digital self-service platforms.
“The scheme is strong, it is growing, and with higher compliance, smarter investments, and a broader base, SSNIT can guarantee dignity in retirement for generations to come,” he assured.
Mr Joshua Ansah, Secretary-General of the Trades Union Congress (TUC), acknowledged improvements in SSNIT’s operations and called for further efforts to improve investment returns.
“There is some good improvements in SSNIT activities. Formally, everybody complained about SSNIT but now, there’s a big change. We urge them to do more so that people who are contributing will enjoy the fruits of their labour,” he said.
Mr Ansah urged SSNIT to strengthen its investment portfolios to improve pension benefits and pledged Organised Labour’s support for public education on contribution compliance and the Trust’s operations.
GNA
Edited by Kenneth Sackey
Reporter: Francis Ntow