The Minister of Labour, Jobs and Employment, Dr Rashid Pelpuo, has charged the governing council of the pensions regulator to expand pensions coverage to the informal sector.
He said the sector held a significant share of the working population and untapped pension contributors of the country.
“Innovative policies and tailored products must be developed to harness and protect the hard-earned savings of informal workers,” Dr Pelpuo said, when he swore in a 10-member board of the National Pensions Regulatory Authority (NPRA) in Accra last Thursday.
The minister further charged the board to enhance compliance and enforcement mechanisms to ensure that employers and pension service providers met their statutory obligations under the law.
Doing so, the minister explained, was necessary to support the implementation of a robust digital infrastructure, including the establishment of a national pension data bank that ensured seamless integration with institutions such as the Social Security and National Insurance Trust (SSNIT) and the Ghana Revenue Authority (GRA).
The board is chaired by Ebenezer Ofori Agbettor, with the Chief Executive of NPRA, Christopher Boadi-Mensah; Delphia Fafa Agbai, Gloria Bortele Noi and Dr Zakaria Mumuni as members.
Other members of the board are Dr James Klutse Avedzi, who is also the Director-General of the Securities and Exchange Commission, Benard Adjei, King Ali Awudu, Alex Frimpong, who is the Executive Secretary of the Ghana Employers Association, Ernest Amartey-Vondee and the Deputy Attorney-General, Dr Justice Srem-Sai.
Oaths
Dr Pelpuo, who led the members to swear the oath of office and secrecy, charged them to promote transparency and to protect the interests of contributors and beneficiaries.
That, he said, included the vital responsibility of regulating SSNIT, the largest pension fund, to ensure accountability, efficiency and sustainability in managing contributors’ funds.
The Minister of Labour, Jobs and Employment reminded the board that their appointment came at a time when the pension sector of the country was undergoing significant reforms, broadening coverage, ensuring sustainability and safeguarding the retirement income of the workforce.
In that regard, he said, the NPRA as the regulator of the pensions sector had a critical role to play in the broader social protection and financial inclusion of the government.
Referencing Section 7 of the National Pensions Act, 2008 (Act, 766) which, the minister said, outlined their mandate as members of the board, Dr Pelpuo stressed that “to ensure effective regulations and supervision of the three-tier pension scheme”, he expected the board to provide strong strategic oversight and policy direction that would build public trust, and foster innovation across the pension value chain.
The Labour Minister expressed the commitment of government to providing the necessary policy, marketing and contributions to empower the NPRA to achieve its mandate.
He, therefore, urged the board to work collaboratively with the CEO and management of the authority, while leveraging their individual expertise to achieve meaningful development that enhanced pension coverage and financial security for Ghanaians.
Dr Pelpuo further pledged his personal support and that of the ministry, and urged the board to work to grow the fund from the present total amount of about GH¢84 billion to GH¢100 billion.
Employees
Touching on the workforce of the country, Dr Pelpuo appealed to workers to exercise restraint while government worked to improve the economy for the betterment of all.
“To our entire workforce notifying me to go on strike, it is not the intention to keep you where you are; we have a difficult economy we are managing.
We are working very hard to stabilise the economy,” he said.
The chairman of the board, on behalf of his colleagues, expressed gratitude to President John Mahama and Dr Pelpuo for the confidence reposed in the team.
Together, he said, they would provide strategic direction, uphold the principles of transparency and good governance, and support the authority to implement policies and initiatives that would deepen pension coverage and draw investment growth.
He added that the team would work with all stakeholders, including government agencies, labour unions, service providers and the private sector to realise these goals.
