Story: Atta Kwaku Boadi
The Today Newspaper has observed many times that some Ghanaians seem to think that it is only politicians who must be held accountable for their stewardship of positions and organizations they are elected to or appointed to hold. The directors and management of state institutions are given allowances and get perks some of which are generous.
As a champion of accountability in the public sector, the paper wants every man and woman who accepts these directorships to know that they are part of the system – an essential part at that. Therefore, they must pay attention and give sound advice that will promote the wellbeing of the organizations they have become a part of. They are selected to serve on public boards for very good reasons. They are assumed to have gained valuable experience in their personal fields of endeavour. They are to bring independence of thought and action to the institutions.
The Today Newspaper has for the past several months been investigating and doing research on governance in the public sector, particularly the financial sector. The paper has thrown its light on the Securities & Exchange Commission (SEC), Bank of Ghana (BoG), National Insurance Commission (NIC), National Pensions Regulatory Authority (NPRA), COCOBOD and others. We will continue to publish the names and photographs of the directors of state institutions and follow up to promote accountability. We intend to cover the GETFund, National Petroleum Authority and others.
Today, the paper’s focus is on the Social Security and National Insurance Trust (SSNIT). The Chairperson of the SSNIT board of directors is Elizabeth Ohene, an internationally known and well regarded journalist and writer. Her articles on matters concerning the people, the state and every day life in the country are widely read. She has been a public official having served in the Kufuor administration.
The reason for making SSNIT the centre for discussion is the recent failed attempt by the Trust to sell a 60% stake in four of its hotels.
Readers will recall that Today Newspaper in its June 24 edition when the proposed sale of SSNIT’s hotel assets to a current Minister in the Akufo-Addo administration had created tension in the country put its spotlight on the National Pensions Regulatory Authority(NPRA) , the regulator of SSNIT, asking questions about its role in the sale of the hotels .
The said publication Today Newspaper can confirm was among many other reasons why NPRA took the decision to suspend the sale of the hotels , noting that there was the lack of broader consultation with the labour groups in the country.The decision of the regulator, Today found out that it was not out of place as it has the authority to prevent asset sales and ensure the protection of pension funds among other responsibilities, including the funds that are managed by SSNIT.
SSNIT’s website proclaims:
“ The Social Security and National Insurance Trust (SSNIT) is a statutory public Trust charged under the National Pensions Act,2008 Act 766 with the administration of Ghana’s Basic National Social Security Scheme. Its mandate is to cater for the First Tier of the Three-Tier Pension Scheme. The Trust is currently the largest non-bank financial institution in Ghana.
The primary responsibility of the Trust is to replace part of lost income of workers in Ghana due to Old Age, Invalidity or Death of a member where dependants receive lump sum payment. It is also responsible for the payment of Emigration benefit to a non-Ghanaian member who is leaving Ghana permanently”.
The Pension Scheme as administered by SSNIT has an active membership of over 1.9 million as at June, 2024 with over 248,742 pensioners who regularly receive their monthly pensions from SSNIT.”
SSNIT like any other state institution is governed by Board of Trustees . The Board is responsible for the policy direction of SSNIT.
The Trustees are made up of representation from government, employers and workers. The constitution of the Board comprises a chairperson, two persons nominated by the President, at least one of whom is a woman, two representatives of Employers’ Associations, four representatives of Organised Labour, one representative of the Ministry responsible for Finance not below the rank of a Director, one representative of the Security Services who is not a member of the Ghana Armed Forces, one representative of the National Pensioners’ Association and the Director General of the Trust.
The members of the Board of Trustees are appointed by the President in accordance with Article 70 of the 1992 Constitution.
Given its mandate, SSNIT, is a very important financial institution in the country. As is stated on its own website, it is “…the largest non-bank financial institution in Ghana”. Therefore, as a public sector organization, what it does must be subjected to intense scrutiny for the right things to be done at all times. It follows also that those who are appointed to lead this important institution as executives and directors must be well qualified and with significant moral fiber.
