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The Social Security and National Insurance Trust (SSNIT) has invested GH¢2.42 billion in the country’s financial services sector.
The fund currently holds shares in 22 of the 36 companies listed on the Ghana Stock Exchange, thereby playing a stabilising role in the economy.
SSNIT’s current investment in Information and Communications Technology (ICT) companies stands at over $500 million, making it the largest institutional investor in the country’s telecommunications sector.
The Director-General (D-G) of SSNIT, Kwesi Afreh Biney, who made this known in Accra yesterday, said through its subsidiary, the fund had currently contributed 126 megawatts of power to the national grid.
Speaking at the launch of the 60th anniversary of SSNIT, the D-G said SSNIT was on track to double that capacity by the end of the year.
The Vice-President, Professor Naana Jane Opoku-Agyemang, launched the anniversary.
Also present at the launch, which was on the theme: "Social Security at 60: A Legacy of Service”, included the Chief of Staff, Julius Debrah, the Board Chairman of SSNIT, Nana Ansah Sasraku III, who is also the Chief of Mamfe Akwapim, ministers of state, past director-generals and board chairpersons, traditional and religious leaders and staff of SSNIT.
Social Security began in Ghana in 1965 as a modest Provident Fund. Over time, it matured into a pension scheme in 1991 under PNDC Law 247, and has since evolved into a robust three-tier pension scheme.
Mr Biney said SSNIT was the first to respond to the student housing crisis by providing decent and affordable hostel facilities and offering 4,250 beds across six university campuses nationwide.
He said the fund had provided over 9,685 housing units built across the country, making SSNIT the country's largest institutional real estate developer, helping thousands of families move closer to homeownership.
"While we take pride in these accomplishments, we are mindful that impact is not measured by investment alone.
It is measured by how well we serve, how earnestly we reflect, and how courageously we evolve," Mr Biney said.
Mr Biney said Social Security was more than just monthly pensions, hence the Trust were mandated to supports every Ghanaian through every season of their life—including unexpected hardships and losses.
Launching the 60th anniversary celebration, the Vice-President called for collective efforts to build a stronger, more inclusive and sustainable social security system in the country.
Prof. Opoku-Agyemang said Social Security should provide protection for all workers in Ghana, regardless of location or occupation, as it was a true indicator of its effectiveness.
She said the informal sector remained largely uncovered, denying millions the security they deserved, hence the need to work together to enrol as many of those workers as possible into the scheme.
“Pensions must be demystified and rooted in the financial culture of our people.
We must make the scheme stronger, more equitable and more sustainable, and broaden its coverage to reach informal sector workers and the self-employed,” Prof. Opoku-Agyemang said.
On sustainability, she stressed the need for prudent financial management and sound investment strategies to ensure long-term viability.
Prof. Opoku-Agyemang urged the Trust to continue to strengthen its governance structures, deepen stakeholder engagement, and embrace innovation to meet the demands of a rapidly evolving labour market.
"The rise of the gig economy, automation and remote work presents new challenges to traditional Social Security models.
We must anticipate and participate in these shifts, and innovate accordingly, in order to remain relevant,” she said.
She praised the evolution of the SSNIT Scheme into a “formidable national institution” that has protected the livelihoods of millions of Ghanaians.
Prof. Opoku-Agyemang reaffirmed the government's commitment to strengthening SSNIT’s policy and regulatory framework and ensuring its financial sustainability.
She challenged the leadership of SSNIT to use the 60th anniversary as a turning point to enhance public confidence and align closely with the government’s Reset Agenda.
Mr Debrah said the Trust had become a vital lifeline for workers and pensioners alike, ensuring that citizens who dedicated their lives to the development of the country could retire with dignity and financial security.
He lauded SSNIT for adapting to changing times through reforms, innovation and a strong commitment to sustainability, adding that the trust now leveraged technology to deliver more efficient and accessible services to its contributors and clients.
The Board Chairperson said over the years, SSNIT had built a sizable investment portfolio, with assets under management currently standing at over GH¢20 billion.
He said the fund was committed to better managing the investment portfolio to maximise returns and ensure the sustainability of the scheme.
On February 17, 1965, Parliament passed the Social Security Act, 1965 (Act 279), establishing a national Social Security Fund. It was administered under the Department of Pensions and National Insurance.
In November 1972, NRC Decree 127 established the Social Security and National Insurance Trust (SSNIT) as an autonomous body to administer the Social Security Scheme as a Provident Fund.
Following the passage of the Social Security Law of 1991 (PNDCL 247), the Fund was converted into a Pension Scheme.
The National Pensions Act, 2008 (Act 766) was passed in 2008, which introduced a Three-Tier Pension Scheme to streamline and enhance pension benefits for workers.
It also established the National Pensions Regulatory Authority (NPRA) to oversee all pension schemes in the country.
