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The Minister for Labour, Jobs and Employment, Hon. Dr. Abdul-Rashid Hassan Pelpuo, has formally sworn into office the newly-appointed members of the Governing Board of the National Pensions Regulatory Authority (NPRA).
The Minister charged the Board to make the pension industry “very sound, robust and resilient” in the face of challenges posed by the Domestic Debt Exchange Programme (DDEP) and global developments.
The Minister highlighted the need for an urgent review of the pensions regulatory framework to bring the sector back to a promising and sustainable trajectory. He noted that the government’s Resetting Agenda outlines key interventions to transform the pensions sector, including reviewing the legislative and regulatory framework, setting up a Mortgage Assistance Fund, and improving efficiency in service delivery.
Government’s Policy Propositions
The Minister requested the Board to pay critical attention to the government’s policy propositions, including promoting the uptake of special pension schemes for informal sector workers. He emphasized the importance of implementing the Mo-Ne-Yo Initiative to promote pension schemes for workers in the informal sector, such as commercial drivers, commercial motorcyclists, small-scale miners, farmers, fishermen, traders, market women, creatives, and artisans.
“Considering the overwhelming task ahead of you, I charge you, Members of the Board, to put in place measures and mechanisms that would make the pension industry very sound, robust and resilient.” – Hon. Dr. Abdul-Rashid Hassan Pelpuo, Minister for Labour, Jobs and Employment.
Government’s Vision
The government’s vision is to reset the pensions sector and make it more sustainable, efficient, and effective in serving the needs of Ghanaians. The Minister assured the Board of his personal and the Ministry’s support in achieving this vision.
The Chairman of the Governing Board of the National Pensions Regulatory Authority (NPRA), Ebenezer Ofori Agbetor, pledged to transform the pensions sector in Ghana.
Speaking after the inauguration of the Board, the Chairman emphasized the need for strategic direction, transparency, and good governance to build confidence in the pensions system and ensure financial security for workers in their retirement years.
The Chairman’s pledge marks a new era for the pensions sector in Ghana, one that promises to bring about significant changes and improvements.
“The Board will work collaboratively with all stakeholders, including government agencies, labour unions, service providers, and the private sector, to achieve its goals, he promised.
The Board Chairman emphasized the importance of deepening pension coverage, driving investment growth, and strengthening regulatory oversight. These objectives are critical to ensuring that the pensions sector is effective in serving the needs of Ghanaian workers.
Let us approach this mandate with unity of purpose, guided by the principles of integrity, fairness, and service to the nation.” Agbetor admonished.
The Chairman acknowledged the challenges facing the pensions sector, including the need to pursue scalability, agility, and culture through the enhancement of participation from the informal sector, expansion of digital infrastructure, and improvement in public education on pensions.
“Despite these challenges, the Board is committed to transforming the pension landscape into one that truly serves the interests of every Ghanaian worker, he noted.
He assured the Board will carry out its mandate by adhering to all provisions stipulated in the Pensions Acts and any other related laws and policies.
The Chairman expressed his commitment to working with the Board and stakeholders to achieve the goals of the NPRA and ensure financial security for Ghanaian workers in their retirement years.
