Audit of the actuarial review of the Social Security and National Insurance Trust of Ghana

With the passing of the Social Security Law in 1991, the provident fund administered by the Social Security National Insurance Trust of Ghana was converted into a National Pension Scheme open to all workers and providing partial replacement income as a result of old age, invalidity or loss of life (survivors). The SSNIT, a statutory public trust, was charged with its administration. ILO’s Social Security Department has been collaborating closely with the Actuarial Services of the SSNIT for several years, providing technical support, guidance and training. An actuarial valuation has been undertaken by the internal services of the SSNIT in 2007, and there is a legal requirement that an external and independent body should formally review and audit the valuation. The assistance of ILO’s Financial and Actuarial Service has been requested in this connection. The objective of the project is to support the financial governance of the social security system of Ghana by way of auditing the internal actuarial review of the Social Security & National Insurance Trust, hereafter referred to as the Trust or SSNIT. The output of this project is an official ILO report on the audit of the internal actuarial valuation of SSNIT to ensure that the actuarial report produced by the Actuarial Department of SSNIT has duly respected and complied with ILO guidelines for the actuarial valuation of social security schemes as well as with ILO conventions and tripartite practice.

Project symbol

GHA/07/01/GHA

Admin unit

SEC/SOC

Start date

15/07/2007

End date

31/10/2008

Total allocation

18872

Total expenditure

Status

Closed

18872

Development Partners

Ghana, Social Security and National Insurance Trust

Country/Countries

Ghana

Outcomes

Social Security