We’ve not respected the rules governing pension fund management in Ghana – Austin Gamey

Labour expert Austin Gamey has said the many challenges bedeviling pension fund management by the Social Security and National Insurance Trust (SSNIT) are a result of accumulated violations of the rules governing pension management.

SSNIT has been in the news for some time now after it almost offloaded 60% of its stake in four hotels to the Food and Agric Minister, Bryan Acheampong’s Rock City Hotel.

Despite agitations from organised labour to halt the sale, SSNIT insisted that the hotels were not making enough profit, and as such, the sale was necessary.

SSNIT finally terminated the deal after organised labour announced a massive nationwide strike.

Speaking on these issues, Gamey said pension fund management challenges have been caused by a disregard for the rules governing pension schemes.

He stressed that this was an age-old problem that must be resolved from the roots.

“What is really the problem is that we are not respecting the rules that govern the processes of pension management.

“Government upon government are the ones that are guilty of all the employers. They deduct money, they did not send the money to the SSNIT or the tier two people on time and clearly, we have all been lackadaisical in talking about it.

…But I think it is about time to open up and see what is appropriate so that we take steps to correct them,” he added.

The labour expert made these comments on the Joy News National Dialogue on pension reforms on Thursday, July 25.

Meanwhile, he said one key problem of SSNIT was the governing structure. He stressed that the entire structure, from the National Pensions Regulatory Authority, must be held accountable for the mistakes and errors made, and called for a review of the structure.