November 2024
19Nov

Ghana blocks pension funds from offshore investment on currency concerns, sources say

Ghana is clamping down on private pension fund managers who want to invest in offshore assets on concerns it could worsen pressure on its cedi currency, three industry sources told Reuters. After pension reforms in 2010, workers' retirement contributions in the world's number two cocoa producer enjoyed strong growth, buoyed by a tiered scheme that allow private firms to manage some contributions. Assets under management by the pension fund industry were 78.2 billion Ghanaian cedis ($4.93 billion) in June, of which...

November 19, 2024
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October 2024
30Oct

8.1 Million Ghanaian workers not covered by pension scheme – Prof. Abdallah Mashud

The Executive Director of the Africa Centre for Retirement Research (ACRR), Professor Abdallah Mashud, has disclosed that as of last year, 2023, approximately 8.1 million Ghanaian workers were not covered by any form of pension scheme. Speaking on Joy News’ AM Show on Tuesday, October 28, 2024, with Benjamin Akakpo, the renowned social security expert described the situation as problematic. He was discussing the 2024 pension manifesto of the two major political parties: the National Democratic Congress (NDC) and the New Patriotic Party...

October 30, 2024
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23Oct

Ghana. SSNIT partners with academia to shape the future of pensions

The Social Security and National Insurance Trust (SSNIT) has organised a stakeholder engagement forum dubbed the SSNITposium, under the theme "Building a Knowledge-Based SSNIT Scheme", aimed at shaping the future of the SSNIT Scheme. The event brought together experts from academia, professional associations, and the pensions industry to share insights and foster collaboration on improving the Scheme. The Director-General of SSNIT, Mr. Kofi Osafo-Maafo, acknowledged the need for more public engagement and transparency regarding the Scheme. Referring to the International Labour Organization's...

October 23, 2024
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07Oct

Ghana. Authority to educate on pensions in churches.

The National Pensions Regulatory Authority (NPRA) has marked what they call 'Pension Sunday'—a special day devoted to enlightening church congregations and the broader public about the significance of investing in their future through pension schemes. In recent years, the NPRA, the regulatory body overseeing Ghana's three-tier pension system, has significantly intensified its advocacy efforts, particularly targeting the informal sector. "Our goal is simple," stressed Mr. John Mbroh, Chief Executive Officer of the NPRA, "we want everyone, especially those in the informal...

October 7, 2024
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September 2024
10Sep

Ghana. NPRA press releases on informal sector pensions: Matters arising

There are two press releases circulating on Informal Sector Pensions dated 26/08/2024 and 30/08/2024 issued by the National Pensions Regulatory Authority (NPRA), bringing to the attention of the general public that informal sector pensions already exist. In the 30/08/2024 press release, the NPRA directly linked informal sector workers to self-employed persons, stating: “…the new Pensions law has offered opportunities for self-employed persons (informal sector workers) to voluntarily contribute towards their pensions. Additionally, the NPRA associated Personal Pension Schemes with the informal...

September 10, 2024
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August 2024
20Aug

Ghana. Government, CETAG reach agreement: strike resolution imminent

The Colleges of Education Teachers Association of Ghana (CETAG) has reached a tentative agreement with the government following successful negotiations on Monday (19 August). The meeting included representatives from MELRP, the Ministry of Education (MoE), the Fair Wages and Salaries Commission (FWSC), the Ministry of Finance (MoF), the Ghana Tertiary Education Commission (GTEC), the Principals of Colleges of Education (PRINCOF), and CETAG. During the talks, the government agreed to unfreeze CETAG members’ July salaries, provided the association calls off its two-month-long strike, which has disrupted...

August 20, 2024
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July 2024
30Jul

Ghana’s Constitutional Conundrum: A call for reform

By Joseph Bagah   Ghana’s constitutional framework has been a subject of concern, and a lot of brainstorming has gone on for many years. The practice where Members of Parliament (MPs) play dual roles or serve multiple positions as Ministers has raised questions about whether conflict of interest situations do not arise and the lines between Legislative and Executive blurred. This concentration of power has resulted in a lack of accountability and transparency in governance perpetuating a system where those who...

July 30, 2024
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18Jul

Ghana. Editorial: Further engagement required to resolve outstanding issues on pensions

Following SSNIT’s decision to halt the sale of 60 percent of its shares in four hotels, a move leading to the suspension of a planned nationwide strike on Monday, July 15, 2024, Organised Labour has issued a one-month ultimatum for the Social Security and National Insurance Trust (SSNIT) to address unresolved issues. Dr. Yaw Baah, Secretary General-Trades Union Congress, speaking on behalf of Organised Labour, called-off the strike action after an emergency meeting of labour union leaders on Monday. Since 2018,...

July 18, 2024
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June 2024
26Jun

Ghana. SSNIT drags railways MD to court for nonpayment of contributions

The Social Security and National Insurance Trust (SSNIT) office in Takoradi has dragged the Ghana Railways Corporation (GRC) and its Managing Director, Michael Adjei Anyetei, to court for nonpayment of social security contributions of the entity’s workers to the tune of GH¢4.13 million. The Circuit Court presided over by Araba Nunoo, issued the warrant for the arrest of the managing director after the SSNIT Prosecutor, Ann-Marie Annan, applied for a bench warrant to that effect. The prosecutor told the court that...

June 26, 2024
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04Jun

Ghana. Organised Labour demands complete restructuring of SSNIT

Organised Labour is demanding an amicable resolution to the usage of workers’ funds by the Social Security and National Insurance Trust (SSNIT). According to Organised Labour, the recent actions and inaction of SSNIT leave much to be deserved. The Executive Secretary of the Civil and Local Government Staff Association of Ghana (CLOGSAG), Dr. Isaac Bampoe-Addo, said Organized Labour will be in a better position to manage its pensions than SSNIT. “We are not convinced, and we tell them [SSNIT] in plain language...

June 4, 2024
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