Eleven-member board for National Pensions Regulatory Authority inaugurated

Mr Rashid Pelpuo, the Minister of Labour, Jobs and Employment has inaugurated the new governing board of the National Pensions Regulatory Authority (NPRA) with the charge to accelerate the expansion of pension coverage to the informal sector.

He said the informal sector held a significant share of Ghana’s working population and untapped pension contributors hence innovative policies and tailored products must be developed to harness and protect their hard-earned savings.

Mr Pelpuo said their appointment came at a time when Ghana’s pensions sector was undergoing significant reforms and at broadening coverage, ensuring sustainability and safeguarding the retirement income of our workforce in Ghana.

He said the role of the NPRA as the regulator of the pension’s authority was critical to the Government’s broader social protection and financial inclusion, as stipulated in Section 7 of the National Pensions Act 2008, Act 2766.

That was to ensure effective regulations and supervision of the three-tier pension scheme to promote transparency and protect the interests of contributors and beneficiaries.

“These include the vital responsibility of regulating social security and National Insurance Trust, to ensure accountability, efficiency, and sustainability in managing contributors’ funds,” he said.

Mr Pelpuo urged the board to provide strong strategic oversight and policy direction that strengthened institutional performance, built public trust, and fostered innovation across the pension value chain, and promote sound investment practices and contributor-focused service delivery across the sector.

“You must also support the implementation of a robust digital infrastructure, including the establishment of a National Pensions Data Bank, that ensures seamless integration with institutions such as the SSNIT and the Ghana Revenue Authority.”

The Minister tasked them to enhance compliance and enforcement mechanisms, ensuring that employers and pension service providers met their statutory obligations under the law.

He charged the organized labour representatives on the board, to ensure that the interests of workers were not only protected, but advanced particularly through securing decent and dignified retirement incomes for all.

Mr Pelpuo assured of government’s continues commitment to provide the necessary policy backing and contributions to empower the NPRA to achieve its mandates and urged the board members to work collaboratively with management of the authority, leveraging their expertise to achieve meaningful and measurable results that enhance pension coverage and financial security for Ghanaians.

“Let me remind you that the task ahead is both important and demanding, but with commitment, transparency and teamwork, I am confident that you will lead the NPRA to higher levels of excellence and trust.”

Mr Ebenezer Ofori Agbettor, Board Chairman, on behalf of the members, pledged to provide strategic direction, and uphold the principles of transparency and good governance, and support the Authority in implementing policies and initiatives that will deepen pension coverage, drive investment growth and extend regulatory oversight.

“We are particularly mindful of 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.”

Mr Agbettor said they would adhere to all provisions stipulated in the Pensions Act and any other related laws and policies and approach their mandate with unity of purpose, guided by the principles of integrity, fairness and service to the nation.

He assured of collaborative work with management, stakeholders, government agencies, labour unions, service providers and the private sector to realise thier goals.

“Together we will work to transform the pensions landscape into one that truly serves the interests of every Ghanaian worker and one that we can all be proud of.

Other members of the board are Mr Christopher Boadi Mensah, Mr Agbai Delphia Fafa, Ms Gloria Bortele Noi, Dr Zakaria Mumuni, and Dr James Klutse Avedzi.

The rest are Messieurs Bernard Adjei, King Ali Awudu, Alex Frimpong, Earnest Amartey- Vondee, and Dr Justice Srem Sai.

Source: GNA

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