Dr Bawumia gave the assurance when the management and senior staff of the NPRA led by the Board Chairman, Mr Simon Koranteng, the Chief Executive Officer, Mr Hayford Attah Krufi, accompanied by the Minister for Employment and Labour Relations, Hon Ignatius Baffour-Awuah called on him at the Jubilee House on Monday, 16th May 2022.
The National Pensions Regulatory Authority (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 effective administration of all pensions in the country.
Amongst others, the NPRA 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; regulate and monitor the implementation of the Basic National Social Security Scheme; Carry-out research and ensure the maintenance of a national data bank on pension matters.
As well, the NPRA is expected to sensitize the public on matters related to the various pension schemes; receive and investigate complaints of impropriety in respect of the management of pension schemes; promote and encourage the development of the pension scheme industry in the country; receive, and investigate grievances from pensioners and provide for redress; advise government on the general welfare of pensioners; and advise government on the overall policy on pensions in the country;
“A well-regulated and functioning pension system is a major driver for investment and development, and I am keenly interested in the growth of the pensions industry. We are ready to help you work on the appropriate technology, software and designs to help you achieve your objectives, especially in reaching people in the very large informal sector,” the Vice President said, adding “we will help you digitalize your operations.”
The Minister for Employment and Labour, who has oversight responsibility for the NPRA, said the Authority is looking to leverage on appropriate technology including mobile money interoperability to help make pension contributions and payments less cumbersome, and work with stakeholders to design the necessary software to make pensions administration easier.
“Ghana has a working population of about 12 million, but only about two million are in the formal sector and actively making pension contributions. We need to work harder to bring in those from the informal sector,” he added.
With offices in Kumasi, Sunyani, Takoradi, Tamale, and Tema with more in the offing the authority is poised to expand its operations in order to be even closer to its clients, the CEO, Mr Hayford Attah Krufi disclosed, and urged employers to pay their employees’ contributions promptly to avoid prosecution.