The Social Security and National Insurance Trust (SSNIT) has made significant strides in expanding pension coverage through its Self-Employed Enrolment Drive (SEED) initiative.
The initiative launched in May 2023, has successfully enrolled over 103,292 self-employed individuals in the SSNIT Scheme, marking a crucial step toward ensuring financial security for a broader section of the Ghanaian workforce.
The Minister for Employment, Labour Relations and Pensions, Ignatius Baffour Awuah, disclosed this during a press briefing in Accra on Wednesday.
According to him, the SEED initiative was launched to address the long-standing issue of low pension coverage among self-employed workers, who make up a substantial portion of Ghana’s labour force and provide self-employed people with the same financial security as salaried workers through tailored benefits and flexible contribution plans.
“With the launch of SEED, we are making pensions accessible to every Ghanaian, regardless of their employment status. This initiative is a game-changer for self-employed individuals who previously lacked the means to secure their future through pension contributions,” he added.
He disclosed that in the first half of 2024, SSNIT collected 90.8 per cent of its projected private sector contributions, amounting to GHS 2.4 billion, slightly below the expected GHS 2.6 billion.
The Minister added that the public sector contributions had exceeded expectations, with SSNIT collecting a total of GHS 3.2 billion, representing 144 per cent of the projected GHS 2.2 billion.
He stated: “The SEED initiative has already generated GHS 52.6 million in contributions, a figure expected to grow as more self-employed individuals join the scheme. Our focus is not just on expanding coverage but also on ensuring that these contributions translate into meaningful benefits for our members. The success of SEED so far is a testament to the trust that self-employed Ghanaians have placed in SSNIT to safeguard their future.”
Mr Baffour Awuah also noted that beyond the success of the SEED initiative, SSNIT’s total assets have seen substantial growth, increasing from GHS 15.2 billion in December 2016 to GHS 71.69 billion in March 2024 representing a 350% increase over seven years.
“These assets are critical for investment, infrastructure development and job creation, contributing to the country’s broader economic growth,” he said.
The Minister reiterated the government’s commitment to ensuring the responsible management and protection of pension funds and safeguarding the pensions of all contributors to ensure that their future remains secure.
Source: ghanatoday.gov.gh