Accra: Mr Rashid Pelpuo, the Minister of Labour, Jobs and Employment, has inaugurated the new governing board of the National Pensions Regulatory Authority (NPRA) with the charge to accelerate the expansion of pension coverage to the informal sector. He emphasized the importance of developing innovative policies and tailored products to harness and protect the hard-earned savings of workers in the informal sector, which constitutes a significant portion of Ghana's workforce.
According to Ghana News Agency, Mr Pelpuo highlighted that the appointment of the board comes at a time of significant reforms in Ghana's pensions sector, aimed at broadening coverage, ensuring sustainability, and safeguarding retirement income. The NPRA's role as the regulator is crucial to the government's broader social protection and financial inclusion goals, as outlined in Section 7 of the National Pensions Act 2008, Act 2766. The authority is tasked with ensuring effective regulation and supervision of the three-tier pension scheme to promote transparency and protect the interests of contributors and beneficiaries.
Mr Pelpuo urged the board to provide strategic oversight and policy direction, which would strengthen institutional performance, build public trust, and foster innovation across the pension value chain. He highlighted the need for sound investment practices and contributor-focused service delivery. Additionally, he emphasized the importance of supporting the implementation of a robust digital infrastructure, including the establishment of a National Pensions Data Bank, to ensure seamless integration with institutions such as SSNIT and the Ghana Revenue Authority.
The Minister stressed the need for enhanced compliance and enforcement mechanisms to ensure that employers and pension service providers meet their statutory obligations. He charged the organized labour representatives on the board to protect and advance the interests of workers, particularly in securing decent and dignified retirement incomes. Mr Pelpuo assured the government's continued commitment to providing necessary policy backing and contributions to empower the NPRA.
Mr Ebenezer Ofori Agbettor, Board Chairman, pledged on behalf of the members to provide strategic direction, uphold the principles of transparency and good governance, and support the authority in implementing policies that will deepen pension coverage, drive investment growth, and extend regulatory oversight. He emphasized the need to enhance participation from the informal sector, expand digital infrastructure, and improve public education on pensions.
Mr Agbettor assured adherence to all provisions stipulated in the Pensions Act and other related laws and policies. He highlighted the board's commitment to working collaboratively with management, stakeholders, government agencies, labour unions, service providers, and the private sector to transform the pensions landscape to serve the interests of every Ghanaian worker.
Other members of the board include Mr Christopher Boadi Mensah, Mr Agbai Delphia Fafa, Ms Gloria Bortele Noi, Dr Zakaria Mumuni, Dr James Klutse Avedzi, Messieurs Bernard Adjei, King Ali Awudu, Alex Frimpong, Earnest Amartey-Vondee, and Dr Justice Srem Sai.
