Osafo-Maafo’s Son Kofi Bosompem Osafo-Maafo, Others Sacked In Shake-Up At SSNIT

• The government has removed Kofi Bosompem Osafo-Maafo as Director-General of the Social Security and National Insurance Trust (SSNIT)
• The contracts of his three deputies have also been terminated, though no reason has been given
• Osafo-Maafo was appointed Director-General of SSNIT by President Akufo-Addo in February 2024

The Mahama administration has revoked the appointment of Kofi Bosompem Osafo-Maafo as Director-General of the Social Security and National Insurance Trust (SSNIT).

Citi News reported that sources close to SSNIT confirmed that the contracts of his three deputies have also been terminated.

The three deputies who were also removed are Kwame Adu-Darkwa, Deputy Director-General of Finance and Administration, Juliana Kpedekpo, Deputy Director-General of operations and Benefits as well as Nana Serwah Bonsu Amoako, Deputy Director-General of investment and Development

No official replacements have been named as the President is yet to appoint a new Director General and deputies.

Osafo-Maafo was appointed Director-General of SSNIT by President Akufo-Addo in February 2024.

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Akufo-Addo terminated the contract of Dr John Ofori Tenkorang, the Director-General of SSNIT at the time, to make that move.

Osafo-Maafo previously served as the Deputy Director for Investments and Developments at SSNIT.

His time as SSNIT boss saw a massive controversy over the sale of some SSNIT hotels.

The botched sale of four hotels was to a private company, RockCity Hotel, owned by Agricultural Minister Bryan Acheampong.

The sale was halted after North Tongu MP Samuel Okudzeto Ablakwa disclosed that the hotels were being undervalued.

Ablakwa also accused SSNIT of engaging in a conflict of interest after agreeing to sell to Acheampong.

The sales were cancelled after organised labour threatened to strike nationwide.

At the time, Organised labour also insisted on an overhaul of SSNIT's leadership.

SSNIT reserves projected to hit zero by 2036

YEN.com.gh reported that the International Labour Organisation (ILO) projected a complete depletion of SSNIT’s reserves by 2036.

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The International Labour Organisation made these findings in an actuarial valuation study of SSNIT’s viability.

It said starting in 2029, total contributions, investment income and other income will no longer be sufficient to pay for annual expenditures.

Following a dependence on reserves for expenditures, the reserves would eventually drop to zero by 2036. This would mean the scheme can no longer pay pension benefits.

Of the GH¢9.35 billion owed to SSNIT as at 2021, 73.7% was due to late payments of contributions by the government.

Proofread by Samuel Gitonga, Copy Editor at YEN.com.gh

Source: YEN.com.gh