President Akufo-Addo commends SSNIT for GH¢230 million surplus

The President, Nana Addo Dankwa Akufo-Addo, has commended the Social Security and National Insurance Trust (SSNIT) for the GH¢230 million surplus on its operations, noted by the Auditor General in its 2023 report.

According to the President, the improved performance of SNNIT should reassure organised labour and serve as a relief to any controversy surrounding the investment of the Trust.

“I take note in particular of the improved performance of SNET, which recently announced a surplus of 230 million CDs on its operations.

This should be reassuring to organised labour and perhaps bring into sharper relief the unnecessary controversy that was recently generated by SSNIT’s efforts to offload non-performing assets in its hotel portfolio,” he said.

President Akufo-Addo was speaking at the 12th Quadrennial Delegates’ Trades Union Congress (TUC), held on Tuesday, August 20, 2024.

“All of us need to be measured when it comes to making decisions and pronouncements that would affect the long-term interests of pensioners,” he urged.

He stated that active contributors to the SSNIT scheme have increased from 1.35 million in 2016 to two million as of April 2024.

PENSION

In his address, President Akufo-Addo acknowledged that the pension sector has also witnessed significant improvements.

He remarked that in 2017, the government resolved a long-standing issue with public sector workers regarding the temporary pension fund account held at the Bank of Ghana.

He said the government transferred GH¢3.1 billion into the custodian accounts of the public sector occupational pension schemes.

The National Pensions Regulatory Authority, he said, has expanded its zonal offices from two in 2016 to six, enhancing its visibility in bringing pension services closer to the people.

He announced that coverage of pensions in the informal sector has increased from 91,253 in 2016 to 817,444 currently, adding that total assets under management have grown from GH¢15.7 billion in December 2016 to GH¢71.6 billion in March 2024, representing a significant increase of some 350%.

“The government remains committed to expanding pension coverage, sustaining the pensions regime, and enhancing the adequacy of pension payouts,” Akufo-Addo assured.

YEA

President Akufo-Addo further announced that the Youth Employment Agency has also been reformed and repositioned to facilitate job creation for the teaming youth.

He mentioned that, in 2024 alone, 84,138 beneficiaries were engaged under various modules of the program, adding that since 2017, a total of 700,947 youths have benefited from the YEA’s initiatives.

These achievements, among others, he opined, would not have been possible without the invaluable contributions of organized labor.

ADVANTAGE

He urged TUC and the government to take advantage of the relationship and form stronger partnerships that enable trade unions to exercise their power for the benefit of all.

He remarked that, despite the challenges facing the nation, it was natural for trade unions to advocate for better conditions of service for their members.

He, however, noted that “as a government, we ask only for moderation, taking into account global events and their impact on our local economies.”

He further urged the trade unions to play a proactive role in shaping the future of work, noting that the rise of automation, artificial intelligence, and the gig economy represents both opportunities and challenges.

POLICIES

On the back of the rise of automation and AI, President Akufo-Addo urged unions to advocate for policies that ensure these technological advancements do not lead to job losses or increased inequality.

Instead, they should push for initiatives that promote upskilling and reskilling, ensuring the workforce is prepared for the jobs of the future.

“Another critical area where trade unions can make a significant impact is in promoting gender equality and inclusion. Women constitute a substantial portion of the workforce, yet they often face discrimination, lower wages, and limited opportunities for advancement,” he added.

Meanwhile, the outgoingSecretary General of TUC, Dr. Anthony Yaw Baah, in his last address expressed gratitude for the opportunity to serve TUC.

He said that he was confident that those coming after him would push the union further to higher heights in the interest of Ghanaian workers.

 

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