The government is to assist the National Pensions Regulatory Authority (NPRA), to digitalise its operations, and roll out credible and attractive pension schemes, especially for persons in the informal sector.
Vice President Mahamudu Bawumia announced this on Monday when the Minister for Employment and Labour Relations, Ignatius Baffour-Awuah, and the management and executives of the NPRA called on him at the Jubilee House.
The NPRA was established by the National Pensions Act 2008, (Act 766) to regulate and monitor the operations of the three-tier pension scheme and ensure an effective administration of all pensions in the country.
The NPRA amongst others is mandated to register occupational pension schemes, provident funds and personal pension schemes, approve, regulate and monitor trustees, pension fund managers, custodians and other institutions that deal with pensions as the Authority may determine.
The Pension regulator is also expected to sensitise the public on matters related to the various pension schemes and advice the government on the general welfare of pensioners and the overall policy on pensions in the country.
Dr Bawumia said a well-regulated and functioning pension system was a major driver of the country's investment and development and that he was keen to ensure the growth of the pensions industry.
The Vice President said the government was ready to help NPRA work with the appropriate technology, software and designs, to achieve its objectives, especially to reach out to the informal sector. "We will help you digitalise your operations."
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The Minister for Employment and Labour, Mr Baffour-Awuah, who has oversight responsibility for the NPRA, said the Pensions regulator was seeking to leverage appropriate technology--mobile money interoperability--to make pension contributions and payments less cumbersome, as well as adopt necessary software to make pensions administration easier.
Ghana has a working population of about 12 million, but only about 2 million in the formal sector are actively making pension contributions. "We need to work harder to bring in those from the informal sector."
The Chief Executive Officer of NPRA, Hayford Attah Krufi, disclosed that with offices in Kumasi, Sunyani, Takoradi, Tamale, and Tema, the Pension's regulator was poised to expand its operations to get closer and rope in more clients.
He urged employers to pay their employees' contributions promptly to avoid prosecution.
