Restructure SSNIT without delay – Organised Labour tells government

Organised Labour has called for the restructuring of the Social Security and National Insurance Trust (SSNIT) without delay.

They contend that SSNIT is inefficient, thus incurring huge administrative cost and indebtedness to the tune of over GHC2 billion as at December 2023.

Organised Labour cited the Bediako Presidential Commission report of 2006, in which it proposed the setting up of the three-tier pension system. It also suggested the setting up of the National Pensions Regulatory Authority. But the regulator has been too laid back considering the current happenings at SSNIT.

In 2006, the government white paper on the Bediako Presidential Commission also cited SSNIT for inefficiency and administrative cost.

Organised Labour is therefore of the view that workers should now take hold of SSNIT and manage pension funds.

Chairman of The Forum, Isaac Bampoe Addo has proposed an immediate review of the Pension Act. He said, the review should include the re-structuring of SSNIT.

“The conclusion of the Bediako Commission was that SSNIT was inefficient. When you look at the sale of the hotels, SSNIT is inefficient and that must be addressed. You ask yourself the number of staff at the SSNIT and they allowed this to go on?” He quizzed.

“You get into investments and there are no returns, and these are workers? Workers must take over SSNIT and that’s where we can solve all these problems at SSNIT,” Mr Bampoe Addo stressed.

Member of The Forum, Thomas Musah Tanko was saddened about government’s indebtedness to SSNIT.

“As at December 31st, Controller and Accountant General’s Department is owing SSNIT GHC2.5 billion, that is the principal. If you slap the three percent, the figure will be heading over GHC1 billion,” he said.

“Recently the ILO report said, SSNIT owes over GHC9 billion while government owes GHC6 billion out of the amount,” he added.

General Secretary of the General Agricultural Workers Union (GAWU) Edward Kareweh expressed concern that workers’ contributions could be affected due to the happenings at SSNIT.

“So, the current issue on whether or not SSNIT should sell their shares, we think that is not proper. Anything that happens to SSNIT affects us directly,” he stated.

By Daniel Opoku