The Social Security and National Insurance Trust (SSNIT) has announced that it has made a payment of about five billion Ghana Cedis (GH¢5 billion) in pensions this year.

SSNIT, Ghana’s statutory public trust responsible for administering the country’s basic national pension scheme, mostly make payments on the 20th of every month.

The payment was confirmed by the Director-General of the Social Security and National Insurance Trust (SSNIT), Kwesi Afreh Biney, during an appearance on Citi TV’s Breakfast show on Thursday, October 30.

He made these remarks in response to affirming the viability, capacity and commitment of the scheme to meet its obligations.

“What I will say is that we have successfully paid pensions since 1965. In 1965, only three pensioners were being paid. Today, we pay over 257,000 pensioners each month. This year alone, we paid in excess of five billion cedis in pensions. Is it sustainable? The trust will continue to evolve, we will continue to make it stronger, and we’ll put in systems to ensure that we never fail,” he noted.

Around October last year, multiple investigations and Right to Information (RTI) disclosures revealed that SSNIT had tied up over GH¢1.8 billion in underperforming or mismanaged real estate projects, which included commercial properties valued at GH¢1 billion, residential projects exceeding GH¢500 million, and land banks with questionable strategic value, sparking fears that poor returns could threaten the fund’s long-term sustainability. These fears, according to reports, still linger in the minds of some Ghanaians.

But the SSNIT Director General has assured the public that the scheme remains strong, highlighting that pensioners' pensions will not be in jeopardy.

Mr Biney acknowledged the shortfalls in the scheme and the challenges he inherited from the previous administration; however, he revealed that his outfit has worked on a three-year strategy to address these issues.

“The institution remains strong. There were challenges, but there were opportunities in there. I inherited challenges and positives, but we worked together to define a strategy for what the future will look like. This is a defined benefit scheme, so it’s one that we have to pay. It’s what the government even has to guarantee as well. So there’s nothing like the trust will fail, for which reason people’s pensions will be in jeopardy, non” he added.

During the Trust’s 60th anniversary in July, Dr Afreh Biney highlighted that the time it takes to process a pension has significantly dropped from several weeks to under ten working days.

He also touted the accessibility of SSNIT’s digital services, looking forward to rolling out its fully-fledged digital branch by September 2025.

He asserted that institutions survive not because they are flawless, but because they reflect, reform, renew, and take feedback constructively.

“The road ahead,” he said, “is challenging but also full of promise.” He added, “We must expand coverage, especially for the informal sector, because every worker deserves to retire in dignity. We must innovate with technology, deepen transparency, and strengthen public confidence, and we must do it with government, employers, labour, and civil society.”

“SSNIT must not just be a system people contribute to; it must be a partner they believe in,” he continued. “So yes, if you are over 60 and still dancing at parties, remember social security is 60 and still standing, still serving, and still strong. If the walls of SSNIT could speak, they would whisper stories of service, of quiet sacrifice, of hard lessons, and of a deep, unwavering belief in simple promises.”

Meanwhile, SSNIT paid a total of GHS521.96 million to over 257,000 pensioners in July. In a Facebook post, the Trust noted that the disbursement forms part of its commitment to ensuring the timely payment of pensions to retirees under the national scheme. Pensioners are expected to receive their next payment on August 21.

Earlier this year, SSNIT announced a 12% adjustment in pensions for 2025, starting in January, with payments scheduled for the third Thursday of every month.

This revision was made in coordination with the National Pensions Regulatory Authority (NPRA) and complies with Section 80 of the National Pensions Act, 2008 (Act 766).

As per SSNIT, all retirees receiving benefits as of December 31, 2024, will see an average increase of 12% in their monthly payments.

The adjustment includes a fixed increment of 8% along with an additional GH¢72.58, which accounts for 4% redistributed to assist lower-income pensioners.

“Redistribution is a mechanism applied to the indexation rate to cushion low-earning pensioners in conformity with the solidarity principle of social security.

As a result, pensioners will have an effective increment between 32.19% at the bottom end and 8.04% at the top end. Redistribution ensures that the minimum monthly pension of GH¢300 in 2024 will increase to GH¢396.58 in 2025, an effective increase of 32.19%,” a statement from SSNIT said.

This redistribution policy aims to provide extra relief for pensioners with lower earnings, following the social security solidarity principle.

Consequently, those receiving the least will experience a 32.19% boost, while those at the highest level will see an 8.04% rise.

With this revision, the minimum monthly pension will increase from GH¢300 in 2024 to GH¢396.58 in 2025. For retirees under PNDC Law 247, the highest monthly benefit will now stand at GH¢201,792.37, marking an 8.04% growth.

Meanwhile, the average pension will move from GH¢1,776.81 in 2024 to GH¢1,990.03 in 2025. SSNIT further disclosed that 63% of pensioners, particularly those earning GH¢1,814.50 or less per month, will benefit from increases ranging from 12% to 32.19%, ensuring their income keeps pace with inflation.

In a related development, the Finance Minister, Dr Cassiel Ato Forson, on Tuesday, June 3, oversaw the inauguration of the Board of Trustees for SSNIT, where he called for prudence, integrity, and transparency in the management of Ghana’s pension funds.

Dr Forson, in his address, noted the vital national importance of SSNIT, reminding the board that it is an institution “we will all need one day, when we retire.”

He warned against any attempts to sell state assets to politically connected individuals, as he questioned some of SSNIT’s past investment decisions

“Please don’t sell state assets to politicians. The President will not accept it, and as your sector Minister, I will be the first to oppose it,” he stressed.

He highlighted that the people of Ghana have entrusted their future into the board’s hands, and therefore, their actions must reflect the weight of that responsibility, charging the new board to chart a new course that will reflect the responsibility the people of Ghana have entrusted to them.

Chairman of the newly constituted Board, Nana Ansah Sasraku III, is committed to providing strategic direction to the Trust by leveraging collective expertise to drive growth, sustainability, and excellence in service delivery.

Nana Ansah Sasraku III noted that a roadmap for the Trust will be provided to safeguard the Scheme’s sustainability and ensure that it continues to meet its obligations to its valued members. He acknowledged the magnitude of the task ahead and expressed the Board’s readiness to deliver.