We will build a robust and comprehensive pension system—NPRA CEO
Christopher Boadi-Mensah, the CEO of the National Pensions Regulatory Authority (NPRA), has emphasized the significance of a strong and inclusive pension system that serves the official and informal sectors of the economy.
In order to increase coverage and provide financial security for all Ghanaians, he emphasized the necessity of creative micro-pension plans and digital alternatives.
“We need a robust and effective pension system that will be responsible for the welfare of all employees. It is usually targeted at the formal sector, and this is the time to have the self-employed individuals as part of the pensions. We need to increase the coverage through digital solutions to ensure financial security,” he said.
He was speaking at a crucial stakeholder meeting that brought together custodians, fund managers, and pension managers to talk about the future of Ghana’s pension industry and strategies for reviving trust in it.
Mr. Boadi-Mensah also urged for more governance and transparency in fund administration, acknowledging the difficulties brought on by economic volatility, such as inflation and debt restructuring.
He emphasized how urgent it is to resolve benefit payment delays and enhance employer compliance, pointing out that the survival of the pension system depends on public trust.
“It is obvious that the economic situation of the country, such as inflation and debt restructuring, has been a challenge for this sector. This has resulted in delays in the payment of benefits, which has reduced trust and employer compliance,” Mr Boadi-Mensah stated.
He restated the Authority’s dedication to an active, cooperative approach to regulatory supervision and policy implementation. However, Mr. Boadi reassured stakeholders that the NPRA would actively support reforms that benefit industry participants and pension contributors rather than acting as a passive regulator.
“This is not just about policies; it’s about people’s lives. We as stakeholders must work together in building a pension system that guarantees financial dignity in retirement. We must take steps toward a more resilient and inclusive pension framework for Ghana,” he said.
