Mr. Alhassan Yakubu Fuseini, the Tamale Zonal Manager of the National Pensions Regulatory Authority (NPRA), says the Authority plans to rope in 11 million workers in the formal sector onto pension schemes.

He said as the NPRA works to achieve its target, it would also ensure that coverage for the informal sector was increased from the current three percent to 40 percent by 2026.

“In order to meet this goal, it will be critical for the pension sector actors including workers and employers to understand how Ghana’s pension sector works, and how it can be scaled-up to reach more people,” he said.

He observed that knowledge, learning, and best practices, which were critical factors needed to drive the pension sector to effectively address the challenges were missing.

Mr. Fuseini said this when he addressed stakeholders drawn from the formal and informal sectors at the Regional Pensions Learning Alliance platform meeting held in Bolgatanga, capital of the Upper East Region.

He noted that the theme for the meeting, “Driving pension penetration in Northern Ghana through learning and information sharing; the role of pension sector actors,” was apt and more appropriate, saying “we are in times that the informal sector pension contribution is low.”

Mr. Fuseini said the intent of the meeting was to create a pensions sector in the Upper East Region that would improve the quality of pension services and adapt to emerging changes in the sector in Ghana and beyond.

The Zonal Manager said it was estimated that about 85 percent of Ghana’s workforce was in the informal sector, out of which only one percent contributed to one form of a pension scheme.

This, he said, the NPRA considered as paltry and indicated that the platform would enable them to share experiences that would stimulate peer lessons among pension sector actors to inform improved practices in the pension sector in the Region.

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