Let's work together to improve the Social Security and National Insurance Trust (SSNIT).

 Let's work together to improve the Social Security and National Insurance Trust (SSNIT). A few weeks ago, the SSNIT made the news, but not for the right reasons. Due to the significant investments that the manager of the state-owned pension funds made in the acquisition of information technology (IT) systems with the intention of enhancing its operations and making it simpler for contributors to receive their pensions on time, the manager was harshly criticized.

It was likewise blamed for drawing in an IT proficient with sketchy certifications as its head of The board Data Administrations (MIS) whose uncertainties generally prompted the Trust to doll out great many US dollars on a framework that appeared to be not to be working at its ideal. These, in addition to other things, uplifted the doubts of the overall population, especially benefactors of the plan who were of the view that their assets were not being as expected oversaw and in this way, required an upgrade in the administration construction of the Trust with another order as a component of measures to reestablish trust in general society.

Although the Graphic Business will not want to draw any conclusions from the allegations, contributors' call for the government to act in the public's best interest ensures that contributors' futures will be fully guaranteed by the scheme. However, we would also like to bring up a few points that, in our opinion, should be brought to the government's and Trust managers' attention if the program is to continue being financially viable.

First and foremost, the Graphic Business would like to persuade the government to promptly release employee contributions. We should not lose sight of the fact that timely investment of funds is essential to the scheme's sustainability and relevance. This is the motivation behind why it isn't reasonable for the public authority to hold support having a place with the Trust. In the event of a delay, interest must be paid to make up for the lost returns over time.

For instance, the government was the largest debtor of the scheme's total establishment debt at the end of 2015, totaling a staggering GH640.89 million. Unless the debt is paid off with interest at the current rate, this is simply unacceptable.

Second, we think that governments shouldn't put pressure on scheme managers to invest in projects that are political and don't benefit society or the economy. We can think of a lot of projects that were started for political reasons, but those investments are now white elephants and a loss to the scheme.

Third, it is additionally fundamental for SSNIT to deal with its intermittent uses. It is documented that additional wasteful expenditures totaling millions of cedis drain the scheme. Last but not least, the Graphic Business will exhort contributors and their employers to fulfill their responsibilities in a timely manner and to pay contributions in full. We ought to recall that what is contributed is utilized for the estimation of annuities over the long haul.

SSNIT, as indicated by the 2015 yearly report, is dissolvable on the grounds that its speculation portfolio keeps on developing. At the end of 2015, it had grown to GH7.955 billion, or a positive variance of 14.55 percent, from GH6.945 billion in 2014. Despite this, we are aware that the scheme could perform better if the players—the government, Trust managers, employees, and employers—acted accordingly.