The Asantehene, Otumfuo Osei Tutu II, has stressed the need for the National Pension Regulatory Authority (NPRA) to create an environment that enables pension funds to positively impact the Ghanaian economy.
He has therefore called on the management of the Authority to ensure strict adherence to Pension Funds Investment Guidelines, not only to help provide satisfactory returns, but importantly to safeguard contributions by workers in the country.
He is of the view that pension funds could be a stable and reliable source of funding for national development as practiced elsewhere around the globe if they are well managed.
The Asantehene was interacting with the management of the NPRA when they paid a courtesy call on him at Manhyia Palace in Kumasi.
The visit was to brief the King on the activities of the Authority and also to announce to him the observance of the first-ever National Pensions Awareness Week to be held in the last week in October.
Otumfuo Osei Tutu urged the NPRA to monitor and supervise pension Institutions properly on how they work with people’s pension funds to avoid any malfeasance and unworthy investment
He noted that he was aware of the practical guidelines provided by the Authority to guide pension funds investments to ensure well-defined standards aimed at achieving safety of assets and fair returns. He commended the management of the Authority and added that such would also help to provide contributors with a range of investment options as well as ensuring the ability of trustees and fund managers to make sound investment decisions.
He said the country had entrusted the future and the destiny of the Ghanaian workers in the hand of management of the Authority and their entire staff and therefore must work towards realising the goals and also justifying the trust reposed in them.
He expressed satisfaction in the skills and the ability of Management, some of whom he acknowledged he had known personally.
“You cannot fail the workers of this country. Your abilities and knowledge in the area must be well exhibited in providing a decent retirement package for the Ghanaian worker upon retirement,” he noted.
He further called on the NPRA to strengthen their sensitisation and education to cover countrywide for the populace to understand the urgent need to participate in pension matters in the country.
The Chief Executive Officer of the Authority, Mr. Hayford Attah-Krufi, said the Authority has embarked on a massive educational drive to help drum home the nation’s pension agenda. To this end, he noted, NPRA has opened two more offices within the last two years and is ready to open another one at Tema soon.
He said management acknowledges the pension industry’s enormous task, but his team is well poised in working to have a better pension structure in the country.
He expressed his gratitude to the Asantehene for his admonition and pledged to abide by them for the benefit of the Ghanaian worker.
