NPRA BOARD INAUGURATED TO REGULATE PENSIONS INDUSTRY
The National Pensions Regulatory Authority (NPRA) Board was on Friday, 29th June, 2018, reconstituted and inaugurated at the Ministry of Employment and Labour Relations Conference Room in Accra.
The members of the Board are Mr Paul Simon Koranteng (Chairman), Hon. Bright Wireko – Brobby, Mr Hayford Attah Krufi, Rev. Daniel Ogbarmey Tetteh, Dr Justice Duffu Yankson, Mr Kwame Ofori-Gyau, Ms Frederica Iliasu, Mrs Grace Akrofi, Mr Joseph Nii Noi Adumuah, Mr Reynolds Ofosu Tenkorang and Mr Ofotsu Tetteh- Kujorjie.
As part of his opening remarks, Hon. Ignatius Baffour Awuah, the Sector Minister, congratulated the Board members on their new appointment and pointed out to them that Pensions was a critical area of social protection that all workers are interested in.
He noted however that because of the many controversies surrounding the release of pension’s money, it was expected of the chosen members to show high degree of professional efficiency in the area of sound financial practices to safeguard pensions.
For his part, the Minister for Finance, Hon.Ken Ofori Attah, announced that the country’s pensions industry strongly hinges on the regulatory measures put in place by the inaugurated board. He therefore charged the board to act quickly to stem the practice where Trustees and Administrator undermine the role of Fund Managers as well as micro- manage the investment process.
The Finance Minister also revealed that since 2012, Ghana’s private pension funds had grown from GH¢ 0.81 billion to GH¢11 billion at the end of 2017, while that of the Social Security and National Trust (SSNIT) have stood at GH¢9 billion for the period.
On the informal sectors pension, the Minister said the Board is expected to lead efforts in establishing an informal sector pensions scheme with focus on cocoa farmers. To realise this achievement, the Minister said the introduction of the 3- Tier Pension Scheme established by the National Pensions Act, has made a provision for the pension scheme arrangement for workers in the informal sector.
The Minister urged members of the Board to work assiduously with other regulators to ensure a well-coordinated financial services regulatory ecosystems and improve pension’s coverage in Ghana.
Speaking on behalf of the other members, the Chairman of the Board, Mr Paul Simon Koranteng expressed gratitude to the Government for the honour. He said that their appointment to the board of the NPRA has given them a chance to contribute their quota to the Government and the people of Ghana.
He promised and assured Government that they will do all in their power as members to safeguard the mandate given them to protect pensions.