The Ghanaian government owes its national insurance over GHC3bn, it promises to pay by 2020

Ghana’s President Nana Akufo-Addo has said that the government will clear the over GHC3 billion ($581,340,000) arrears owed the Social Security and National Insurance Trust (SSNIT) by the government.

Nana Addo

He made this announcement at this year’s Workers’ Day celebration in Accra.

Speaking to the Ghanaian workers who converged on the Independence Square for the May Day parade, President Akufo-Addo said that the Ministry of Finance has already arranged for the part-payment of GHC200 million of the arrears while a bond of GHC700 million will be issued in the course of this year for the same purpose.

“As I told you last year, over GHC3billion of pension funds, funds that had been outstanding for six years and about which TUC has been largely complaining, were transferred in 2017 from the Temporary Pensions Fund Account (TPFA) at the Bank of Ghana to the appropriate occupational pensions scheme.”

“I’m informed that the Ministry of Finance has arranged for the payment of GHS200 million and a bond of GHS700 million towards the retirement of the arrears owed to SSNIT. This will leave arrears of GHS800 million, which will be included in next year’s budget,” the president added.

He added that he has further directed the Minister of Employment and Labour Relations to work with SSNIT and the National Pensions Regulatory Authority (NPRA), to resolve the challenges between them as far as pension issues are concerned.

"I acknowledge that there are unresolved issues with the Social Security and National Insurance Trust (SSNIT) and the NPRA. I have asked the Minister for Employment and Labour Relations to liaise with SSNIT and NPRA to bring finality to all outstanding issues in the next three (3) months. In much the same way that we should build trust between workers and the new private pension companies, it is equally important that there is trust between workers and the state established SSNIT. I am informed that the Ministry of Finance has arranged for the payment of GHS200million and a bond of GHS700 million towards the retirement of the arrears owed to SSNIT. This will leave arrears of GHS800 million which will be included in next year’s budget,” he said.

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