BY Grace Zigah
The Director-General of the Social Security and National Insurance Trust (SSNIT), Kwesi Afreh Biney, has sought to allay growing concerns about the future of the pension system, assuring contributors and pensioners that the scheme remains financially sound and capable of paying benefits for at least the next four decades.
His assurance comes amid renewed public debate over the sustainability of Ghana’s pension system following concerns raised by the International Labour Organisation (ILO), which recently called attention to potential long-term challenges facing the country’s social security framework and recommended reforms to safeguard future pension obligations.
Speaking on PM Express Business Edition hosted by George Wiafe on June 4, 2026, Biney revealed that the latest independent actuarial assessment conducted by the United Kingdom Government’s Department of Actuarial Services paints a much stronger picture of the scheme’s financial health than some recent reports have suggested.
According to him, the actuarial review concluded that the SSNIT pension scheme remains sustainable and possesses the financial strength to continue meeting its obligations to contributors and pensioners for approximately 40 years.
“The latest actuarial report indicates that the scheme is sustainable and can continue to pay benefits for the next 40 years,” Biney stated, emphasizing that contributors should have confidence in the management and future viability of the pension fund.
The Director-General explained that under established regulations, SSNIT is required to undertake an independent actuarial valuation every three years to assess the financial health of the pension scheme and determine whether sufficient resources exist to meet future liabilities.
He disclosed that another actuarial review is due in 2027 and expressed confidence that the next assessment would further strengthen public confidence in the scheme.
“We are required to have an external actuarial assessment every three years, and SSNIT is due for another review in 2027. I believe that will even move us into safer waters,” he noted.
The comments come at a time when pension sustainability has become a major issue globally, with many countries reviewing retirement ages, contribution rates and pension structures due to ageing populations, changing labour markets and increasing life expectancy.
In Ghana, concerns have periodically surfaced over the long-term sustainability of pension funds, particularly in light of economic challenges, rising pension obligations and the need to expand coverage to millions of workers operating within the informal sector.
However, Biney maintained that SSNIT has implemented several measures over the years to strengthen the scheme’s financial position. These include efforts to improve contribution compliance, increase active membership, enhance collection efficiency and secure timely payments from government.
According to him, these interventions have significantly improved the scheme’s liquidity position and helped address both immediate and future funding concerns.
“These developments have gone a long way in dealing with immediate and future liquidity concerns of the SSNIT pension scheme,” he explained.
One of the major challenges facing the pension system, he acknowledged, remains the large number of Ghanaian workers in the informal sector who are not currently contributing to the scheme.
To address this gap, SSNIT is exploring new strategies aimed at attracting more informal sector workers into the pension system while enhancing benefits and services for existing contributors.
Biney said the Trust is developing additional value propositions that will make the scheme more attractive to workers who may currently see little incentive to join.
“We are looking at offering more value propositions to current contributors. As people see the benefits being enjoyed by existing members, others in the informal sector will be encouraged to come on board,” he said.
The Director-General also touched on discussions regarding possible future reforms to Ghana’s pension architecture, including suggestions that the retirement age could be increased or contribution rates adjusted to ensure long-term sustainability.
Rather than endorsing or rejecting such proposals outright, he stressed the importance of broad stakeholder consultations before any major policy decisions are taken.
On whether pension contribution rates should be increased or retirement ages extended, Biney said the issue requires careful national dialogue involving workers, employers, policymakers and other stakeholders.
“It is neither a straightforward yes nor no answer. These are issues that require careful stakeholder engagement and national consensus,” he stated.
SSNIT currently remains the primary public pension institution in Ghana, providing monthly pensions and social security benefits to hundreds of thousands of retirees and beneficiaries across the country.
The assurance from the Director-General is expected to provide some relief to contributors who have expressed concerns over the future of their retirement savings following recent discussions about the long-term sustainability of pension systems both in Ghana and around the world.
