Ghana Must Increase Retirement Age From 60 To 65 -NPRA Boss

The Acting Chief Executive Officer of the National Pensions Regulatory Authority (NPRA), Mr. Christopher Boadi-Mensah, has called for a national dialogue to consider extending the country’s mandatory retirement age from 60 to 65, citing increased life expectancy and changing demographic realities.

Speaking before the Parliamentary Select Committee on Employment, Pensions and Labour on Thursday, Mr. Boadi-Mensah explained that advancements in healthcare mean many Ghanaians now live for decades after retiring, placing significant strain on the pension system.

“With improved medical technologies, people are living longer. Some pensioners live more than 30 years after retirement, and this places immense pressure on the pension scheme,” he said.

He stressed the importance of initiating a data-driven national dialogue to review the retirement age in a way that reflects current trends.

According to him, many Ghanaians in their 60s remain active and productive, especially in sectors like academia, the judiciary, and the private sector.

Mr. Boadi-Mensah also argued that adjusting the retirement age could reduce the problem of age falsification. “People will be more confident that they have more years to remain in employment, which will discourage age cheating,” he noted.

The NPRA, he said, is also focused on expanding pension coverage to informal sector workers and aims to grow pension assets to US$100 billion over the next three years.

These efforts are in line with President John Mahama’s call to broaden pension access for private sector workers.

As the industry grows, Mr. Boadi-Mensah emphasized the need to tighten regulations to safeguard public interest.

He raised concerns about regulatory oversight over Social Security and National Insurance Trust (SSNIT), particularly regarding its investment decisions.

He indicated that the regulator should play a more active role in evaluating such investments before they are made, in line with existing investment guidelines.

Citing the example of SSNIT’s controversial attempt to offload underperforming assets in 2024, he said, “Had proper oversight been exercised, the situation would have been better handled. If there was a genuine liquidity crisis, a structured and well-evaluated disposal process could have made the situation more peaceful.”

The NPRA boss further called for the development of innovative investment products to help diversify the pension fund portfolio and maximize returns. He warned against allowing valuable government assets to remain underutilized while financial resources are stretched.

“The pension fund can explore new investment spaces. We shouldn’t have valuable assets lying idle while we’re struggling with financing,” he remarked.

Mr. Boadi-Mensah’s comments are expected to trigger broader stakeholder discussions on the future of pensions and retirement in Ghana.

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