Honourable Ignatius Baffour Awuah, the Minister for Employment, Labour Relations, and Pensions, has announced that the Social Security and National Insurance Trust (SSNIT) has achieved notable progress in expanding pension coverage through its Self-Employed Enrolment Drive (SEED) initiative.
Launched in May 2023, the SEED initiative has successfully enrolled over 103,292 self-employed individuals in the SSNIT Scheme, marking a significant advancement in providing financial security to a larger segment of the Ghanaian workforce. The Minister shared this update during a press briefing organized by the Ministry of Information in Accra yesterday.
He explained that the SEED initiative was introduced to tackle the persistent issue of inadequate pension coverage among self-employed workers, who constitute a significant segment of Ghana’s workforce.
By offering customized benefits and flexible contribution options, SEED aims to provide self-employed individuals with the same financial security that salaried workers receive under the SSNIT Scheme.
“With the launch of SEED, we are making pensions accessible to every Ghanaian, irrespective of their employment status. This initiative represents a significant advancement for self-employed individuals who previously had no means to secure their future through pension contributions,” Hon. Baffour Awuah noted.
He also revealed that in the first half of 2024, SSNIT collected 90.8% of its projected private sector contributions, totaling GHS 2.4 billion, which is slightly below the anticipated GHS 2.6 billion.
The Minister also noted that public sector contributions have surpassed expectations, with SSNIT collecting GHS 3.2 billion, which is 144% of the projected GHS 2.2 billion.
The SEED initiative alone has already generated GHS 52.6 million in contributions, a number expected to rise as more self-employed individuals join the scheme. “Our aim extends beyond merely expanding coverage; we are committed to ensuring that these contributions yield meaningful benefits for our members. The success of SEED so far reflects the confidence self-employed Ghanaians have in SSNIT to secure their future,” the Minister stated.
Hon. Baffour Awuah also highlighted that, in addition to SEED’s success, SSNIT’s total assets under management have grown significantly, rising from GHS 15.2 billion in December 2016 to GHS 71.69 billion by March 2024.
