Government says it will work to improve pension outcomes in a sustainable and fiscally responsible manner as Ghana’s economy continues its steady recovery.
Deputy Finance Minister, Thomas Nyarko Ampem said the ongoing economic stabilization efforts must translate into improved livelihoods for workers and pensioners, stressing that a strong economy is critical to building a resilient pension system.
He made the remarks at the launch of the Social Security and National Insurance Trust’s (SSNIT) Member Value Programme, an initiative aimed at providing additional benefits to contributors and pensioners through strategic partnerships.
“Just days ago, President Mahama reaffirmed government’s commitment by assuring pensioners that as our economy continues a steady recovery, government will work to improve pensions in a sustainable and fiscally responsible manner,” he said.
According to him, economic recovery should not only be measured by improvements in macroeconomic indicators but must also enhance the quality of life of Ghanaians.
“This reflects a simple but profound principle that economic recovery must ultimately improve people’s lives, not merely improve economic statistics,” he added.
Thomas Nyarko Ampem noted that Ghana’s pension system is closely linked to the performance of the wider economy, explaining that economic stability supports stronger pension outcomes while pension savings contribute to national development.
“Our economy has regained stability, growth has strengthened, inflation has declined significantly, investor confidence is returning, and our macroeconomic fundamentals continue to improve,” he said.
“These achievements are the results of difficult but necessary reforms undertaken by government. They represent renewed hope, not only for businesses and investors, but also for workers, pensioners, and future retirees”
The Deputy Finance Minister disclosed that SSNIT currently serves more than 2.1 million active contributors and over 260,000 pensioners, emphasizing the importance of maintaining trust in the pension system.
He said government has placed pension reform on the national agenda, with President John Mahama directing a comprehensive review of Ghana’s pension framework to improve adequacy, sustainability, coverage, and value, particularly for workers in the informal sector.
Thomas Nyarko Ampem described the SSNIT Member Value Programme as an example of innovation that extends the benefits of social security beyond retirement.
“The membership value program represents a fresh and forward-looking approach to social security. It recognizes that the value of pension membership should not begin only at retirement, but should be experienced throughout a contributor’s working life,” he said.
The programme provides contributors and pensioners with access to discounts, services, and other benefits through partnerships with businesses.
He encouraged businesses to collaborate with SSNIT, noting that the initiative creates opportunities for companies to engage with one of Ghana’s largest membership communities while improving value for contributors.
However, the Deputy Finance Minister cautioned that innovation must be accompanied by strong governance and accountability, insisting that workers’ contributions must be managed prudently.
“The savings entrusted to SSNIT belong to Ghanaian workers. They must always be managed prudently, professionally, and in the best long-term interest of contributors and pensioners,” he said.
He added that strengthening confidence in the pension system requires transparency, professionalism, and consistent delivery of value to members.
“To our contributors and pensioners, I encourage you to embrace the opportunity this program offers. Today’s launch is much more than introducing just another program. It is about restoring confidence, rewarding work, and ensuring that every Ghanaian can look towards retirement with greater dignity, greater confidence, and greater optimism,” Thomas Nyarko Ampem remarked.
