Kwesi Afreh Biney is the Director-General of SSNIT
The National Pensions Regulatory Authority (NPRA) has called on the Social Security and National Insurance Trust (SSNIT) to undertake deeper governance reforms and diversify its investment portfolio to safeguard the pension fund against future economic shocks.
The recommendation follows the impact of the Domestic Debt Exchange Programme (DDEP), which substantially reduced returns on fixed-income investments and highlighted the risks of concentrated asset strategies.
Speaking at the launch of SSNIT’s 60th anniversary celebrations, NPRA Deputy Chief Executive Officer, Victor Azuma Mejida, acknowledged SSNIT’s progress in expanding coverage and implementing administrative reforms.
However, he cautioned that previous economic disruptions from the COVID-19 pandemic to the recent debt restructuring revealed systemic vulnerabilities.
“Going forward, it is important to reflect on these valuable lessons to remain agile in protecting income and investment security for stakeholders in the face of economic shocks. The DDEP served as a stark reminder that even the most trusted assets carry risks,” Mejida stated.
He urged SSNIT’s board and management to pursue reforms that improve governance, broaden investment choices, embrace innovation, and enhance operational efficiency.
“Let us ensure that, regardless of economic hardship or fiscal turbulence, our pension systems are resilient enough to honour their social contract with contributors and pensioners,” he said.
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