The Social Security and National Insurance Trust (SSNIT), Ghana’s largest pension fund, is facing a severe crisis as its real estate investments falter. An investigation revealed widespread mismanagement, overvaluation, and poor market strategies, threatening the financial security of millions of workers and retirees. SSNIT’s property portfolio, which includes commercial buildings and residential projects valued at over GH¢1.8 billion, suffers from low occupancy rates and deteriorating infrastructure.
Notably, the World Trade Centre in Accra, completed in 2015 at a cost of GH¢183 million, is plagued by mismanagement, with occupancy rates lingering at 65%. Meanwhile, SSNIT’s residential ventures, including the Eden Heights development, struggle to attract buyers due to exorbitant prices. Out of 772 units at Eden Heights, only 198 have been sold, with prices far beyond the reach of most Ghanaians.
As SSNIT grapples with these failures, the broader implications for Ghana’s economy and the pension system loom large. SSNIT is introducing reforms to mitigate the damage, but concerns remain about the future of pensions and real estate investment in the country.