The Minister for Employment, Labour Relations, and Pensions, Ignatius Baffour Awuah, has announced significant progress in the Social Security and National Insurance Trust (SSNIT) through its Self-Employed Enrolment Drive (SEED) initiative.
Launched in May 2023, SEED has successfully brought over 103,292 self-employed individuals onto the SSNIT Scheme, marking a crucial step towards ensuring financial security for a larger segment of Ghana’s workforce.
Speaking at a Minister’s Press Briefing organized by the Ministry of Information in Accra, Mr. Baffour Awuah stressed the SEED initiative’s role in addressing the historically low pension coverage among self-employed workers, who constitute a significant portion of Ghana’s labour force.
SEED aims to provide self-employed individuals with the same financial security that salaried workers enjoy under the SSNIT Scheme by offering customized benefits and flexible contribution plans,
“We are making pensions accessible to every Ghanaian with the launch of SEED, regardless of their employment status.”
“This initiative is a game-changer for self-employed individuals who previously lacked the means to secure their future through pension contributions,” Mr. Baffour Awuah stated.
He revealed that in the first half of 2024, SSNIT collected 90.8% of its projected private sector contributions, amounting to GH¢2.4 billion, slightly below the expected GH¢2.6 billion.
However, public sector contributions surpassed expectations, with SSNIT collecting a total of GH¢3.2 billion, representing 144% of the projected GH¢2.2 billion.
The SEED initiative has already generated GH¢52.6 million in contributions, a figure expected to rise as more self-employed individuals join the scheme.
“Our focus is not just on expanding coverage, but also on ensuring that these contributions translate into meaningful benefits for our members. The success of SEED so far is a testament to the trust that self-employed Ghanaians have placed in SSNIT to safeguard their future,” the Minister emphasized.
Beyond the success of the SEED initiative, Hon. Baffour Awuah noted that SSNIT’s total assets under management have experienced substantial growth, rising from GH¢15.2 billion in December 2016 to GH¢71.69 billion by March 2024—a remarkable 350% increase over seven years.
These assets play a critical role in investment, infrastructure development, and job creation, contributing to the broader economic growth of the country.
The Minister reaffirmed the Government’s commitment to responsible management and protection of pension funds.
“The success of initiatives like SEED underscores the importance of our fiduciary responsibility. We will continue to safeguard the pensions of all contributors and ensure that their future remains secure,” he said.
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