Dr. John Ofori-Tenkorang, the director general of the Social Security and National Insurance Trust (SSNIT), stated that indexation has been implemented by the management to keep up with the rising rate of inflation.
At the Ghana National Association of Teachers (GNAT) Investment Forum, held on Thursday, June 29, at the University of Ghana, he stated that SSNIT compensates pensioners whenever the rate of inflation increases.
Accordingly, he claimed that the SSNIT model is best for workers.
Every year, SSNIT performs indexation, and the indexation keeps pace with inflation. Since SSNIT is aware of this, we account for inflation, he said.
“I will urge people not to throw the baby out with the bad water. The narrative is that SSNIT is not good, people connived with their employers not to pay their SSNIT, the SSNIT scheme is the best that you can ever get anywhere else as far as pensions is concerned, if you don’t join to contribute you are harming yourself,” he added.
He further indicated that the management is going to rollout a programme to educate the people on the need to join SSNIT.
“we are going to rollout programme to get people to come and join SSNIT because it is the best thing they can do for themselves,” he said.
An Economist and Professor of Finance, Godfred Bokpin who was also speaking at the same event urged the management of SSNIT to up their efforts regarding their investment.
- SSNIT aims to reach 1 million self-employed, informal sector workers
- Director-General of SSNIT has been named the 2nd-best CEO
He noted that the investments have been running in the negatives over the past periods.
He therefore urged the management of SSNIT to scale up their efforts in this area.
“This is where the management of SSNIT has to pay attention to,” he said.
But Dr. John Ofori-Tenkorang refuted the claim the the investment are running into the negatives.
