SSNIT Records Impressive Financial Turnaround

The Social Security and National Insurance Trust (SSNIT) has recorded a remarkable financial turnaround, moving from a deficit of over GHS300 million to a surplus exceeding GHS230 million within a year.
This improvement was disclosed by the Director-General of SSNIT, Kofi Bosompem Osafo- Maafo during a Public Accounts Committee hearing, where he answered questions regarding the Trust’s financial performance.
During the session, the Director-General attributed the positive shift to several key factors.  First, there was a 29% increase in net contributions received, which played a crucial role in boosting SSNIT’s revenue.
Furthermore, the Trust’s net investment income saw a substantial growth of 49%, amounting to approximately GHS706 million.
This impressive growth was complemented by a notable rise in other income streams. The Director-General explained that the additional income came from penalties imposed on delayed contributions and revenue generated from the sale of SSNIT’s properties.
He also highlighted the Trust’s effective cost management strategies, which contributed to the overall surplus.
In his address to the Honorable Chairman of the committee, the Director-General emphasized that these factors combined had led to SSNIT’s improved financial performance, reflecting a more stable and sustainable future for the Trust.