…outlines major reforms under resetting agenda
The Minister of Labour, Jobs and Employment, Dr. Abdul-Rashid Pelpuo, has officially inaugurated the newly constituted National Pensions Regulatory Authority (NPRA) Governing Board – marking the fifth such inauguration in the Authority’s history.
Speaking at a ceremony held in the ministry’s conference room, Dr. Pelpuo – on behalf of President John Dramani Mahama – congratulated the appointees and charged them to steer the sector through its ongoing challenges, especially those resulting from the Domestic Debt Exchange Programme (DDEP) and global economic disruptions.
He noted that these developments have significantly affected pension fund investments, hampering the sector’s capacity to meet its growing obligations. The new board’s tenure, he said, must be guided by strategic interventions aimed at rebuilding trust, enhancing efficiency and securing the financial future of Ghanaian workers.
As part of government’s ‘resetting agenda’ for the pensions sector, Dr. Pelpuo outlined key policy measures which the new board is expected to prioritise. These include: a review of the legislative and regulatory framework to support workers who lose their jobs due to natural disasters; establish a mortgage assistance fund enabling Tier 2 contributors with at least 15 years of contributions to use their funds as collateral for mortgages; and improve the operational and financial efficiency of SSNIT.
The rest are strategies to reduce old-age poverty by promoting defined pension contributions across all income groups; and implementing the Mo-Ne-Yo Initiative under the All-Covered-Pension-Programme – extending special pension schemes to informal sector workers such as drivers, okada riders, small-scale miners, farmers, traders, creatives and artisans. “I urge you to pay critical attention to these government policy directions throughout your tenure,” Dr. Pelpuo said, adding that he is confident of the expertise and experience new Board members bring to the Authority.
He further expressed optimism in the leadership of newly appointed chairperson Ebenezer Ofori Agbettor and reaffirmed the ministry’s commitment to supporting NPRA in becoming a more robust and resilient regulator. “In line with the president’s vision to reset Ghana, I hereby declare the fifth Governing Board of the NPRA duly inaugurated,” Dr. Pelpuo concluded.
“We assume this role at a critical time in the life of our nation’s pensions sector – one that demands foresight, innovation and a strong commitment to the welfare and dignity of Ghanaian workers in both the formal and informal sectors,” the newly inaugurated NPRA board chairman stated. “The NPRA’s role, as outlined in the National Pensions Act, 2008 (Act 766) and National Pensions Amendment Act, 2014 (Act 883), is not only to regulate but also build trust in the pensions system and ensure financial security for workers in their retirement years,” he added.
Mr. Agbettor concluded that: “Together with my distinguished colleagues on this Board, we pledge to provide strategic direction, 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 strengthen regulatory oversight”.
Other members of the board include Christopher Boadi-Mensah, the Chief Executive of the National Pensions Regulatory Authority (NPRA); Delphia Fafa Agbai, the President’s nominee for pensions; Gloria Bortele Noi, the representative of the ministry responsible for pensions; Dr. Zakaria Mumuni, representing the Bank of Ghana; and Dr. James Klutse Avedzi of the Securities and Exchange Commission.
The rest are Barnard Adjei and King Ali Awudu, both representing organised labour; Alex Frimpong of the Ghana Employers’ Association; Ernest Amartey-Vondee of the National Pensioners Association; and Dr. Justice Srem-Sai, representing the Attorney-General and Minister of Justice.
