Director-General of the Social Security and National Insurance Trust (SSNIT), Kwesi Afreh Biney
The Director-General of the Social Security and National Insurance Trust (SSNIT), Kwesi Afreh Biney, has disclosed that the Trust’s total assets under management rose sharply from GH¢20.4 billion in December 2023 to nearly GH¢25 billion in 2024, representing one of the most significant growth trajectories in recent years.
Speaking during an interactive session with the media as part of SSNIT’s 60th-anniversary celebrations at the La Palm Royal Beach Hotel, Accra, dubbed, “SSNIT Media Connect”, Mr. Afreh Biney attributed this impressive performance to multiple factors, including the strong performance of the Ghana Stock Exchange, improved contribution collections, and prudent investment strategies.
Improvement
According to him, about GH¢2 billion of the improvement came directly from SSNIT’s listed equities portfolio, which has benefited immensely from the stellar performance of the local stock market this year. “The close to GH¢4 billion improvement in our assets under management has come from several places, but significant amongst them is the performance of the Stock Exchange. Our listed equities portfolio alone has improved by close to GH¢2 billion this year,” he noted.
The SSNIT boss also pointed out that growth in collections and the clearance of outstanding payments had boosted the Trust’s liquidity and investment strength. “Amongst that growth, for instance, is a GH¢1 billion payment that was owed from last year, which the current Minister of Finance ensured was paid by March this year,” he revealed.
He added that returns on short-term investments, particularly in repurchase (repo) trading with banks, had outperformed fixed deposit rates, strengthening SSNIT’s short-end market performance. “We’ve played very well in that space, and that has given us the kind of growth trajectory that we’ve seen,” he said.
Engagement
Mr. Afreh Biney said the engagement marked a new chapter in the Trust’s relationship with the public. “We have decided to engage the public because the media serves as a vital link between us and the people. This initiative provides us with a platform that enables us to reach millions of individuals and organisations across the world,” he stated.
He added that, so far this year, SSNIT had paid over GH¢5.1 billion in pensions, demonstrating its financial resilience and continued relevance. This growth, he said, had been supported by better collection mechanisms and prudent financial management. “In 1991, when PNDC Law 247 established the pension scheme, there were only about 820,000 active members. Today, that figure stands at 2.1 million. Back then, contributions were just a few million cedis, but as of August this year, we have collected GH¢7.6 billion,” he said.
According to Mr. Afreh Biney, SSNIT has also achieved major operational efficiency gains. “We have reduced our pension processing time by 85%, from an average of 47 days in 2016 to just seven days in 2025,” he announced, describing it as one of the most significant service improvements in the Trust’s history.
SEED
On the Self-Employed Enrolment Drive (SEED) initiative, Mr. Afreh Biney expressed satisfaction with its remarkable performance. Since its launch two years ago, the scheme has registered over 100,000 self-employed workers and exceeded its revenue target for 2024. “We gave ourselves a target of GH¢46 million for SEED collections this year, but as of September, we had gone past GH¢50 million,” he said.
He emphasised SSNIT was now engaging associations and digital partners to bring more informal and gig economy workers into the scheme, ensuring inclusivity and nationwide coverage.
Touching on housing investments, the Director-General announced that SSNIT was working on a new affordable housing model, in collaboration with financial institutions, to provide workers with flexible mortgage options. “Instead of workers paying upfront, we want banks to administer mortgages at affordable rates so that workers can pay over time. We are providing liquidity to make that possible,” he explained.
Concerns
Addressing concerns about the sale of SSNIT-owned hotels, Mr. Afreh Biney reaffirmed that the Trust had no plans to sell any of its hotel assets. “There is absolutely no need to sell down hotels like Labadi Beach Hotel, which continue to yield strong returns. However, for properties like Elmina and La Palm, which require significant capital injection, we are exploring strategic partnerships within the pension fund and hospitality ecosystem,” he clarified.
He disclosed that discussions were ongoing with top pension fund managers to pool resources for the redevelopment of certain hotel assets, emphasising that these moves were guided by the principles of value preservation and growth.
On defaulting institutions, Mr. Afreh Biney said SSNIT had intensified its recovery efforts, including prosecutions and payment negotiations. While declining to provide exact figures pending validation, he assured that collections had significantly improved and that the Trust remains committed to safeguarding workers’ contributions.
Diversifying investments
Responding to suggestions that SSNIT should diversify its investments internationally, the Director-General said the Trust was exploring options within the legally permitted 5% offshore investment threshold. “Currently, we’ve done just about 1%. When we get closer to the 5%, we may consider a review because diversification helps spread risk and stabilise returns,” he stated
On employment generation, Mr. Afreh Biney revealed that SSNIT’s investments in the energy sector, particularly a new 110-megawatt power plant in Kumasi, had created numerous jobs for engineers, accountants, and administrative staff. The project, costing about $140 million, he said, demonstrated SSNIT’s commitment not only to securing contributors’ pensions but also to stimulating national development.
The SSNIT boss further indicated his vision was to build “an organization that the Ghanaian worker trusts,” one that guarantees income security and retirement dignity. “I want to see a Trust that inspires confidence, delivers strong investment returns, and expands its reach in both the formal and informal sectors,” he said.
He reaffirmed SSNIT’s commitment to transparency, stakeholder engagement and welfare advocacy, stressing that “we care for the people we serve, and that is why we are committed to better welfare and sustainable growth for all.”
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