The Public Account Committee (PAC) has commended the Director-General of Social Security and National Insurance Trust (SSNIT), Mr. Osafo-Maafo for the tremendous work done to achieve a surplus of over GH¢230 million.
PAC disclosed that SSNIT moved from a deficit of about GH¢300 million in 2023 describing the feat as incredible.
Appearing before the committee on Thursday, August 15, 2024, the Director-General explained that, the performance was driven by several factors including a 29% increase in net contributions received.
Additionally, Mr. Osafo-Maafo mentioned that net investment income also grew by 49% to about 706 million approximately and there was also a significant increase in other income adding that the trust managed to control costs fairly well.
Meanwhile, a member of the committee, Isaac Opoku argued that SSNIT’s main source of income is from contributions hence the need for more clarity on other incomes as a factor.
In response, the Director-General said, “Hon. Chairman, the other income arises from penalties on delays of contributions and also incomes from the sale of our properties”.
“Your current ratio is better than the previous year. In 2021, it was 1.1 and this year, it has improved slightly from 1.1 to 1.6. It is not too bad and we can only encourage you to improve upon it”, Isaac Opoku concluded.
