The government of Ghana as at December 2015 owed the Social Security and National Insurance Trust (SSNIT) an amount of 560 million cedis.
This figure has reduced as compared to what the government owed SSNIT in 2014. The government was indebted to SSNIT to the tune of 1.15 billion cedis in 2014.
This was contained in a report which gives a five-year trend of the indebtedness to SSNIT. It stated that the total contributions in arrears almost tripled between 2011 and 2015. The figure went up from 218 to 640 million cedis.
The private sector owed 79 million cedis while total debt due to public establishments amounted to 561 million cedis.
SSNIT has managed to recover over half the amount owed by the government in 2014.
According to the immediate Board Chairman of SSNIT, Prof. Joshua Alabi, this is due to some strategic measures they implemented during their tenure.
Meanwhile, total benefits paid by the pension scheme went up to 1.2 billion cedis in 2015 from the 941 million cedis the previous year.
Also, the pension’s scheme in 2015 mobilized 2.1 billion cedis in contributions in 2015 up by almost 19 percent from the 2014 figures.
The Board Chairman of SSNIT Dr Kwame Addo Kufuor said in a bid to re-strategize and do better than their predecessors, they have commissioned an audit into the operations of the pensions’ fund.
The auditing is to be completed in 8 weeks. Dr Addo Kufuor is hopeful the audit report will offer recommendations that will lead to a better fortune of SSNIT.
“The board members and management of trust are conscious of the heavy responsibility our engagement with SSNIT places on us so I would like to assure you that we are fortunate to have very dedicated board members and very competent and patriotic management I don’t want to brag but in the short to medium term we will definitely see positive change in the Trust. The board members and the management are conscious of the huge responsibility on us and we are going to do our best.”