Ghana. NPRA to increase pension penetration by 25% amongst informal sector workers by 2026
Increased pension penetration among employees in the informal sector is the goal of the National Pensions Regulatory Authority (NPRA). This move, if finalized, will see penetration increase from 6 percent to 25 percent by 2026.
The Authority explains that although a section of the informal sector holds misconceptions about pensions, it is committed to its sensitization drive to ensure that its targets are achieved.
At a brief ceremony to highlight the end of the SECO project, Chief Executive Officer of the National Pensions Regulatory Authority, Hayford Attah Kru assured that the National Pensions Authority (NPRA) is leveraging on the technical expertise and knowledge offered by the Swiss government to effectively regulate the growing pension industry in Ghana.
According to the NPRA, through the Swiss Secretariat for Economic Affairs, it has been able to roll out a risk-based framework and supervision systems as part of moves to mitigate some of the challenges of the activities of industry players, such as non-compliance.
The two-phased project started in 2014, and the second phase began in 2019. The total amount financed by Switzerland was 4.2 million Swiss francs (approximately 50 million Ghana cedis.
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