The Chief Executive Officer of the National Pensions Regulatory Authority (NPRA), John Kwaning Mbroh, has urged contributors to remain calm despite concerning projections from a recent International Labour Organisation (ILO) report on the Social Security and National Insurance Trust (SSNIT).
According to the CEO, the Trust is secure and will continue to be so for many years.
Kwaning Mbroh clarified that the ILO report’s projection is not a certainty; instead, it aims to forecast future scenarios to enable stakeholders to take proactive measures to ensure the scheme’s sustainability.
“The report is forward-looking. ILO has always projected potential outcomes if certain actions are not taken. This means we need to continue improving to ensure the financial sustainability of the scheme over the long term,” he said.
To reassure contributors of the safety of their contributions, Kwaning Mbroh mentioned measures already implemented to safeguard the scheme’s financial health.
These include reducing administrative expenses and implementing an investment policy to guide how SSNIT invests contributions.
“They review the current investment asset classes to ensure they are economically viable and inject life into the scheme. This is crucial. Additionally, they have worked on rationalizing administrative expenses and other expenditures. Trust me, they have made significant efforts in this area,” the NPRA CEO said.