Kofi Bosompem Osafo-Maafo, Director General of Social Security and National Insurance Trust (SSNIT), has underscored the substantial strides made by the management team in transforming and strengthening the Trust.
Mr. Osafo-Maafo stressed that the management’s strategy is built on three core pillars: securing the scheme’s long-term sustainability, leveraging cutting-edge technology, and providing robust benefits to ensure the well-being of beneficiaries.
He noted that these strategies are crucial to the scheme’s ongoing success, stability, and longevity, and will play a vital role in ensuring its continued viability and growth.
“From management’s perspective, the strategic direction of this institution is based on three pillars. The sustainability of the scheme and its improvement. Indeed, we have made significant strides in improving the sustainability of the scheme”.
“This is going to be done through the expansion of coverage, enforcement of compliance, prudent investment of funds, and responsible governance of the Trust and its investments.”
Kofi Bosompem Osafo-Maafo
Moreover, Mr. Osafo-Maafo stated that SSNIT has demonstrated strong financial management, with a significant increase in investments and returns.
This, he indicated, has enabled the scheme to improve its financial sustainability, ensuring that members’ benefits are secure and adequate.
However, Mr. Osafo-Maafo pointed out that while contributions from both the private and public sectors have shown steady growth, a concerning trend of increasing indebtedness of public sector institutions to the Trust has emerged.
Additionally, he mentioned that the Trust is implementing cutting-edge technology to enhance data management, ensuring accurate and comprehensive records, as well as reliable financial information on members.
This technological upgrade, Mr. Osafo-Maafo indicated, is also expected to significantly boost operational efficiency.
He also pointed out that, from his perspective, there is strong evidence to indicate that technology has substantially enhanced the Trust’s operational efficiency.
Drawing an analogy, Mr. Osafo-Maafo illustrated the company’s progress by noting that a decade ago, transporting boxes required a pickup truck and a team of four or five people, whereas now, the process is much more streamlined and efficient.
SSNIT To Boost Tech Investments
Furthermore, Kofi Bosompem Osafo-Maafo revealed that SSNIT is poised to further invest in cutting-edge technology to significantly enhance its operational speed and efficiency, building on its existing advancements.
He predicted that the Trust’s MIS team would soon make it possible for individuals to access everything they need from a device small enough to fit in their pocket or a tiny bag, revolutionizing convenience and mobility.
He highlighted that the operational enhancements implemented have significantly reduced benefit processing times, resulting in a substantial improvement in the overall efficiency of SSNIT’s operations.
“The third pillar is to ensure benefits are adequate. We’ve taken significant strides to ensure that this aspect has improved significantly. And indeed, if we look at the data that we have for the private sector, the public sector, and also total contributions, there have been marked improvements”.
Kofi Bosompem Osafo-Maafo
He reiterated his mantra that the Trust can always do better and pledged that it will endeavor to improve its performance annually, setting higher benchmarks for success.
Mr. Osafo-Maafo commended the remarkable progress achieved by the management and board since 2017, acknowledging the transformative changes and significant strides made during this period.
He pointed to the successful resolution of entrenched legacy issues as a key achievement of the current leadership, demonstrating their ability to tackle and overcome deeply ingrained problems.
Mr. Osafo-Maafo noted that the current leadership’s commitment to transparency and accountability has also been noteworthy.
He emphasized that the regular dissemination of information and active engagement with stakeholders have been instrumental in cultivating a culture of transparency.
He noted that this has fostered trust, confidence, and credibility in the scheme, not only among its members but also within the wider public.
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