Why Nana Kwame Bediako Wants to Revolutionalise SSNIT

The Social Security and National Insurance Trust (SSNIT) has been in place since 1972 under NRCD 127 to administer the National Social Security Scheme.

Its mandate is to cater for the First Tier of the Three-Tier Pension Scheme.

But after 52 years in place, Presidential aspirant, Nana Kwame Bediako seeks to transmogrify it into an insurance fund.

He argues that the current state of SSNIT is inundated with shortcomings as contributors do not fully reap its benefits.

Launching his manifesto on September 1, 2024, he proposed a SSNIT revolution that would solve three major needs of Ghanaians including health, education and accommodation prior to retirement.

“Currently, contributors of SSNIT have to pay and wait up to 40 years to pension before they be qualified for their claims. Some will die halfway and they will not even be given to their children. Some will never even see this. But we have changed it as from now, we would say that our policy would be turning the SSNIT fund into a nation’s insurance fund.”

With the review, contributors can claim their contribution after five years either in cash for their health, educational or accomodation needs or for investment.

The idea entails “Cure me first, bill me later.”

He anticipates that this will increase investment in the health and education sector as there will be guaranteed payment.