Over 103,292 self-employed individuals enrolled onto SSNIT’s SEED initiative - Minister

More than 103,292 self-employed individuals have been enrolled onto the Social Security and National Insurance Scheme’s (SSNIT) initiative christened ‘Self-Employed Enrolment Drive (SEED) aimed at expanding pension coverage for workers in the informal sector.

The initiative launched in May 2023, has successfully enrolled over 103,292 self-employed individuals onto the SSNIT Scheme, marking a crucial step toward ensuring financial security for a broader section of the Ghanaian workforce.

Mr Ignatius Baffour Awuah, the Minister of Employment, Labour Relations and Pensions, announced this during the Minister’s news briefing organised by the Ministry of Information in Accra.

The Minister stated that the SEED initiative was introduced to address the long-standing issue of low pension coverage among self-employed workers, who constituted a significant portion of the country’s labour force.

He said the initiative offered tailored benefits and flexible contribution plans to self-employed persons with the same financial security as workers working in the formal sector.

“With the launch of SEED, we are making pensions accessible to every Ghanaian, regardless of their employment status.

This initiative is a significant change for self-employed individuals who previously lacked the means to secure their future through pension contributions,” Mr Awuah explained.

He disclosed that in the first half of the year 2024, SSNIT had collected 90.8% of its projected private sector contributions, amounting to GHS 2.4 billion, slightly below the expected amount of GHc 2.6 billion.

The Minister said the public sector contributions had exceeded expectations, with SSNIT collecting a total of GHS 3.2 billion, representing 144% of the projected GHS 2.2 billion.

The Minister stated that the SEED initiative itself had 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 the SEED so far is a testament to the trust that self-employed Ghanaians have placed in SSNIT to safeguard their future,”Mr Awuah added.

He mentioned that beyond the success of the SEED initiative, SSNIT’s total assets under management had seen substantial growth, thus increasing from GHS 15.2 billion in December 2016 to GHS 71.69 billion by March 2024.

That, he said, represented a remarkable 350% increase over a seven-year period.

These assets were critical for investment, infrastructure development, and job creation, contributing to the broader economic growth of the country.

The Minister reiterated the government’s commitment to ensuring the responsible management and protection of pension funds.

“The success of initiatives like SEED underscores the importance of our fiduciary responsibility. We will continue to safeguard the pensions of all contributors and ensure that their future is secure,” Mr Awuah stated.