The government has completely settled the GH¢1.05 billion it owed the Social Security and National Insurance Trust (SSNIT) for the 2024 contribution year, with the majority of payments made in cash, according to SSNIT Director-General Kwasi Afreh Biney.
Mr. Biney made the disclosure during an appearance on JoyNews’ PM Express Business Edition on Thursday, confirming that all outstanding arrears were cleared by the end of March 2025.
“Most of the payments have been cash, in fact, more than 70% of the payments have been cash,” he revealed.
He noted that the only exception occurred in the final quarter of 2024, when the government used a short-term financial instrument — a Treasury bill — to cover contributions for October, November, and December. That instrument is maturing this year.
Aside from this arrangement, all other payments from last year to date have been settled in cash. Mr. Biney emphasised that the government did not carry any contribution arrears into 2025.
“So, for 2024, the government owed 1 billion and 50 million cedis, but by the end of March 2025, the government had paid that in cash,” he stated. “2025, there’s no arrears, we didn’t enter.”
The Director-General further disclosed that the government had gone a step further by making advance payments before the start of 2026 — a development he described as unprecedented.
“In fact, by the time we’re entering 2026, the government had actually paid ahead,” he said.
Mr. Biney explained that under the standard contribution cycle, employers are required to remit payments by the 14th day of the following month. However, the government demonstrated proactivity by making part-payment in December 2024 for that month’s contributions, entering January 2025 with only a small portion outstanding.
This marks a significant improvement in the government’s relationship with SSNIT, moving from substantial arrears to full settlement and even advance payments. The development is expected to strengthen the Trust’s financial position and enhance confidence in the national pension scheme.
