Cut cost and improve pension management – New SSNIT leadership told

The newly appointed leadership of the Social Security and National Insurance Trust (SSNIT), headed by Director-General Kwesi Afreh Biney, is being called upon to streamline administrative costs and improve pension management to enhance benefits for retirees.

Executive Director of the African Centre for Retirement Research, Mashud Abdallah, has emphasised the need for urgent reforms to ensure the scheme’s long-term sustainability.

Speaking to Citi Business News, he underscored the importance of prudent financial management to optimise resources and maximise the scheme’s impact.

“If we consider the NDC manifesto promise on social security for the 2024 election, there is a pledge to undertake major legislative and administrative reforms to enhance pension efficiency,” Abdallah noted.

“An efficient system must provide broad coverage, ensure adequate benefits for retirees, and maintain strong financial stability in the medium to long term.”

Abdallah stressed that, given recent concerns over SSNIT’s actuarial standing, the new administration must adopt a transparent and cost-effective approach while engaging social partners to strengthen the scheme’s governance.

With pension sustainability becoming an increasing concern, stakeholders are looking to the new SSNIT leadership to implement reforms that will secure better financial security for Ghanaian workers and retirees.

President John Mahama has appointed Kwesi Afreh Biney as the new Director-General of the Social Security and National Insurance Trust (SSNIT), with Adam Sulley taking over as Deputy Director-General in charge of Operations and Benefits.

These appointments follow the revocation of Kofi Bosompem Osafo-Maafo’s position as Director-General of SSNIT together with his three deputies.