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SpanishNBC Ghana Trust CEO calls for transparency in Pension Trustee Administration
The Chief Executive Officer of Negotiated Benefits Trust Company Limited (NBC Ghana Trust), William Asiedu Yeboah, has called for transparency in corporate and individual trustee administration following the impact of the recent banking reforms undertaken by the Bank of Ghana.
Mr. Yeboah explained that “the trustees (corporate and individual) licensed are required to provide regular reports on all aspects of the fund administration and investment activities. Regular audits are required in addition to robust data management systems. Annual audits must be provided on the funds as well as the corporate entity.”
Commenting on the impact of the banking reforms on pension funds, the NBC Ghana Trust CEO stressed that the board of trustees for each fund must be actively engaged in the administration of the fund.
The Bank of Ghana recently completed banking reforms which led to the transition and collapse of seven commercial banks for a variety of reasons. Also, a number of Savings and Loans companies were pronounced insolvent and lost their operating licenses.
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