The National Pensions Regulatory Authority (NPRA) has announced plans to introduce basic non-scoring pension education at tertiary, secondary, and vocational institutions across the country, as part of efforts to deepen financial literacy and expand pension coverage in Ghana.
Speaking during a courtesy call on the Minister of Education, the Chief Executive Officer of NPRA, Chris Boadi-Mensah, acknowledged the minister’s significant contributions to the growth of the authority and pensions industry, particularly the establishment of NPRA’s Tamale and Kumasi Zonal Offices, which have helped in advancing their decentralisation efforts.
He noted that their visit was to inform the minister of the NPRA’s proposal to introduce a non-scoring course on pensions across tertiary, secondary, vocational, and technical schools.
The rationale, he said, is that “Many graduates leave school without basic knowledge of pensions, even though they enter the workforce shortly after. For vocational and technical students, pension education is even more crucial, as many of them will become self-employed.
“It is, therefore, critical that they are educated before they enter into the world of Work.”
As part of this initiative, Boadi-Mensah said NPRA will donate 10,000 branded exercise books to selected technical and vocational schools.
The books carry simplified information on Ghana’s 3-Tier Pension Scheme, designed to nurture a culture of savings and retirement planning among students at a younger age.
The proposed pension education module will cover the essentials of the 3-Tier Pension System, the responsibilities of employers and employees under Act 766, the benefits of starting early, and opportunities available for self-employed and informal sector workers.
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In his statement, the Minister of Education, Haruna Iddrisu, commended NPRA for the donation and welcomed the proposal to introduce pensions education at all levels of learning.
“First, I express my profound appreciation to the National Pensions Authority for the generous donation of 10,000 branded exercise books to support Technical and Vocational Education and Training (TVET) institutions nationwide. This thoughtful gesture will not only enhance quality learning outcomes within the TVET sub-sector but will also equip learners with essential knowledge on pensions and retirement planning, even before they transition into the world of work,” he said.
Reflecting on his previous role as Minister of Employment and Labour Relations, Iddrisu stressed the importance of pensions education.
He noted that the proposal to introduce a non-scoring course or module on pensions across tertiary, secondary, and vocational institutions is both timely and significant.
The minister added that the initiative aligns with the ongoing review of Ghana’s national curriculum from Kindergarten to Primary Six (KG–P6).
“Embedding basic knowledge of pensions and retirement planning into the curriculum at this early stage will foster financial literacy among children and help them build a sound understanding of pensions long before they transition into the world of work.
“Together, we can build a future where every Ghanaian is empowered with the financial knowledge to plan adequately, retire with dignity, and enjoy lasting security,” the minister concluded.
SP/AE
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