SSNIT pension scheme can pay benefits for next 40 years – Director General

The Director General of the Social Security and National Insurance Trust (SSNIT), Kwesi Afreh Biney, says the pension scheme remains financially sustainable and is capable of paying benefits for at least the next 40 years.

According to him, the assurance is based on the latest actuarial assessment conducted by the UK Government Department of Actuarial Services on the sustainability of the SSNIT pension scheme.

Afreh Biney disclosed this during an appearance on JoyNews' PM Express (Business Edition) with George Wiafe on June 4, 2026.

His comments come in response to concerns raised by a recent International Labour Organization (ILO) report, which questioned the long-term sustainability of the scheme and prompted calls for reforms.

However, the SSNIT Director General said the latest independent assessment indicates that contributors' funds remain secure.

“We are required to have an external actuarial assessment every three years, and SSNIT is due for another in 2027, and I believe that will even move us into safe waters,” he said.

Afreh Biney attributed the positive outlook to measures implemented by SSNIT to increase contributions to the scheme and improve government contributions.

According to him, these interventions have helped address both current and future liquidity concerns.

“These developments have also gone a long way to deal with immediate and future liquidity concerns of the SSNIT pension scheme,” he added.

On expanding the contributor base, he said SSNIT is exploring options to attract more workers, particularly those in the informal sector.

“Now these persons will come when they see what is happening to the current contributors, and that is why we are looking at offering more value proposition to the current contributors to the scheme,” he said.

Asked whether pension contribution rates should be increased or the retirement age extended, Afreh Biney said such decisions would require careful consideration and extensive stakeholder engagement rather than a straightforward yes-or-no response.