The Minister for Employment and Labour Relations, Ignatius Baffour-Awuah, has given reassurances that the Social Security and National Insurance Trust (SSNIT) is poised to change its investment policy to protect contributors' funds.
This response comes after concerns raised by the Public Accounts Committee (PAC) about companies, including Metro Mass Transit and Kumasi Abattoir, that have failed to pay dividends to SSNIT for a decade, as reported by the 2021 Auditor General‘s report.
The Chairman of PAC stressed the importance of managing contributors' funds effectively to ensure the availability of resources for benefit payments in the future.
He emphasized that good investments leading to returns are crucial to preserving the value of contributions and guaranteeing smooth pension payouts. He also expressed concerns about the implications of inadequate investments on contributors.
In reply, Mr. Baffour-Awuah acknowledged the concerns and committed to changing the policy direction regarding socially inclined investments like Metro Mass Transit and Kumasi Abattoir.
He stated, “Certainly, those will not be driven by profit because they are providing social services.” He further indicated that policy decisions would be made to ensure that SSNIT's financing aligns with the protection of contributors' funds and not solely on social projects.