May 2024
10May

Ghana. PFAG, IPTC partner to provide pensions for smallholder farmers

The Peasant Farmers Association of Ghana (PFAG) and the Industrial Pensions Trust Company (IPTC) have launched a significant partnership with the goal of offering affordable, flexible, and sustainable retirement planning products through the Nkɔsoɔ Pensions and Welfare Scheme for smallholder farmers. This momentous occasion took place at the PFAG pre-season durbar and inaugural Peasant Farmers Day Celebration held in Navrongo, Ghana, on April 25, 2024. Themed ‘Deepening the Role of Smallholder Farmers in Promoting Food and Nutrition Security in the...

May 10, 2024
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06May

Only 18% of Ghanaians confident about retirement – Old Mutual Financial Services Monitor

Only 18% of Ghanaians confident about retirement – the Old Mutual Financial Services Monitor The Old Mutual Financial Services Monitor is a study aimed at uncovering the financial behaviour, attitudes, and perceptions of working Ghanaians. Not only has it achieved this objective, but it has also provided valuable insights for Financial Services Providers (FSPs) to better serve their customers. Today’s focus is on retirement savings and the attitude of the working Ghanaian towards it. The monitor reveals a high correlation between...

May 6, 2024
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April 2024
26Apr

Ghana. SSNIT reserves projected to hit zero in 12 years – ILO

This was revealed in an actuarial valuation study of the Social Security and National Insurance Trusts (SSNIT) viability. According to ILO, total income including contributions, investment income and other income, will no longer be sufficient to pay for annual expenditures including benefit payments to pensioners by 2029. “Starting in 2029, total income (contributions, investment income and other income) is no longer sufficient to pay for annual expenditures. "The reserve starts to decrease. During the year 2036, the reserve drops to zero” the...

April 26, 2024
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24Apr

Ghana. Public sector workers to strike May 2 over pensions

The Forum for Public Sector Associations and Unions has hinted at plans to stage a nationwide strike if government fails to resolve all issues bordering on the implementation of pensions for public sector workers. The Forum, in a notice, revealed its members will embark on a strike from Thursday, 2 May 2024, if by Tuesday, 30 April, issues relating to the implementation of pensions for public sector workers remain unresolved. “Notice is hereby served,” the Forum indicated. The Forum is made up...

April 24, 2024
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February 2024
29Feb

Ghana. 600,000 Self-employed enrolled on SSNIT pension scheme

Since the launch of the Self-Employed Enrolment Drive (SEED) initiative by the Social Security and National Insurance Trust (SSNIT), some 600,000 self-employed persons have been enrolled on the programme, President Nana Addo Dankwa Akufo-Addo has said. He did not immediately mention the number that joined monthly but noted that, these self-employed persons were now having some form of social security cover. The President announced this when he laid the State of the Nation Address (SONA) before Parliament in Accra on Tuesday. “Mr...

February 29, 2024
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22Feb

Ghana. Teachers unions angry over unsettled tier-2 pensions, others

Teachers' unions across the nation are growing increasingly frustrated about the government's failure to fulfil their tier-2 pension contributions dating back to April 2023. The outstanding amounts owed to these unions reportedly reach into millions of Ghana cedis. Despite deductions being made by the Controller and Accountant General’s Department (CAGD), sources within the education sector say that these funds have not been transferred to the Ghana Education Service Occupational Pensions Scheme (GISOPS). The government's decision to seek a bailout from the International...

February 22, 2024
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20Feb

Ghana. 71,000 Self-employed enrolled onto Tier 1 pension scheme — SSNIT

The Social Security and National Insurance Trust (SSNIT) has enrolled over 71,000 informal sector and self-employed persons onto the state-run Tier One pension scheme. The significant increase of contributors from 14,200 to 71,000 as of May last year followed the implementation of a self-employed enrolment drive (SEED) initiative. “The initiative has made it possible for artisans, carpenters, masons, tailors, auto-mechanics and traders to contribute towards their pension. “SSNIT has targeted to enrol about 10 per cent of the 3.6 million self-employed Ghanaians...

February 20, 2024
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14Feb

Ghana. SSNIT supports pensioners’ healthcare with GHC1million

The Social Security and National Insurance Trust (SSNIT) has presented a cheque for GHS 1 million to the National Pensioners Association’s (NPA) medical scheme. The contribution is in fulfilment of a commitment by SSNIT’s management made in 2017 to prioritise the well-being of pensioners under the SSNIT Scheme in the country. Dr John Ofori-Tenkorang, Director-General of SSNIT, speaking at the ceremony in Accra, reaffirmed the Trust’s support for the activities and welfare of the Association. The commitment, he stressed, demonstrated the Trust’s...

February 14, 2024
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January 2024
29Jan

Ghana. Health sector occupational pension scheme launches new mobile app to enhance services

Health Sector Occupational Pension Scheme (HSOPS) has launched a new mobile application to enhance services to its tier-two pension scheme beneficiaries. The mobile application will allow beneficiaries to access and update their information, follow up on their contributions as they are provided with in-dept analysis of their investments. It also provides a link to the HSOPS website which connects every member to the main database where each member could track their contributions, access and print membership certificates, make benefit projections and...

January 29, 2024
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24Jan

Ghana’s Pension Regulator, NPRA, appoints new CEO

President Nana Akufo-Addo has appointed John Kwaning Mbroh as the Chief Executive Officer (CEO) of the National Pensions Regulatory Authority (NPRA). Mr. Mbroh, whose appointment takes effect from 1st February 2024, replaces Mr. Hayford Atta Krufi who proceeds on retirement after holding the position since 2017. Mr. Mbroh is a management member of the NPRA and currently the Director of Standards and Compliance at the Authority for the past six years. He has taken charge of the core mandate under Section 7 of Act 766 of 2008...

January 24, 2024
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