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Only 5 percent of the population are captured by SSNIT – Ofori-Atta

Minister of Finance, Hon Ken Ofori-Atta has revealed that preliminary report on the 2021 Population and Housing Census states that only 1,643,839 persons out of a population of 30.8 million are captured by SSNIT as active contributors to Tier 1 pensions and 2,107,322 as active contributors to Tier 2 as at June 2021.

The Minister made this revelation when presenting to Parliament the Budget statement and Economic Policy of the Government of Ghana for the 2022 financial year.

This revelation supports recent concerns raised by labour expects and the Social Security and National Insurance Trust (SSNIT), the institution mandated by law to cater for the First Tier of the Three-Tier Pension Scheme about the worrying low patronage of social security in Ghana.

This, constituting about 5 percent of the total population for Tier 1 and less than 10 percent of the total population for Tier 2, according the Minister, compares unfavourably among other things to other countries in the middle-income bracket.

“Mr. Speaker, compared to our peers within the middle-income bracket, these statistics are a poor reflection on us and we need to change the narrative. We must urgently work together to simplify our processes to ensure that the millions
of our fellow Ghanaians both in the informal and formal sectors contribute their quota towards our transformation agenda,” he further stated.

The Census results again reveal that 42.8 percent constitutes the adult population above 18 years while 58.2 percent constitutes the population below 18 years.

Also, out of the total population of 30.8 million: only 2,364,348 persons, which constitutes less than 10 percent of the total population are registered as tax payers as at August 2021;

Additional data revealed that only 45,109 entities are registered as corporate taxpayers while 54,364 persons are registered as self-employed taxpayers at the Ghana Revenue Authority and 136,198 entities registered businesses at the Registrar-General’s Department as at August 2021 out of which 80 percent are classified as self-employed.

 Mr. Speaker, the need for solutions has become even more heightened when we
observe that every year, over 100,000 young people graduate from our tertiary
institutions onto the job market. We have also witnessed the depressingly long
queues for jobs in the public sector

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