Ghana Archives - Page 5 of 15 - Pension Policy International

12MayMay 12, 2023

Ghana. Only about 1.9m out of 10 million workers are covered under SSNIT scheme – SSNIT boss

Only about 1.9 million of the 10 million or so workers in the country are covered under the Social Security and National Insurance (SSNIT) Scheme. According to the Director General of SSNIT, Dr John Ofori-Tenkorang, what is more, disturbing is that only about 32,000, representing 1.68% of active contributors, are self-employed. This is despite the fact that the majority of workers in the country are self-employed and/or work in the informal sector. Speaking at the launch of the SEED – a campaign...

May 12, 2023

NewsCoverage, Ghana, Informal Sector

11MayMay 11, 2023

Ghana. SSNIT expands coverage of basic social security scheme to self-employed persons

The Social Security and National Insurance Trust (SSNIT) has launched the Self-Employed Enrolment Drive (SEED), a product geared towards expanding coverage of the basic national social security scheme to self-employed Ghanaians. Dr John Ofori-Koranteng, Director-General of SSNIT, speaking at the launch of the product in Kumasi, said the aim was to redefine social security in Ghana and give hope to the self-employed to be able to retire in dignity and comfort. In pursuit of this agenda, the management of SSNIT had...

May 11, 2023

NewsCoverage, Ghana, Informal Sector

08MayMay 8, 2023

502,855 workers paid GH₵500 or less a month in Ghana

Data made available by the Social Security and National Trust (SSNIT), has demonstrated that most Ghanaian workers are paid low salaries and wages. Crux of the low pensions This is the crux of the low pensions paid to majority of the over 230,000 pensioners currently in the country. 1.9m active contributors The records show that the total number of contributors as at April 2023 amounts to over 1.9 million (1,930,780). The data reveals that only 27.7% of active contributors earn between GH₵2,000 and GH₵5,000...

May 8, 2023

NewsGhana, Income

04MayMay 4, 2023

Ghana. Govt urged to establish Financial Literacy Education Secretariat

The government has been urged to establish a Financial Literacy Education Secretariat to continuously educate the public on financial literacy issues. This proposal is contained in Ghana Financial Literacy Strategy (2021-2025), which was prepared by Asamoah and Williams Consulting and Trans-media Network as part of the Financial Literacy Education Project (FLEP) under the Ghana Financial Sector Development Project (GFSDP), funded by the World Bank. The Chief Executive Officer (CEO) of Asamoah and Williams Consulting, Mr Mawuko Williams, who made the call...

May 4, 2023

NewsFinancial Literacy, Ghana

28MarMarch 28, 2023

Ghana. Government rolls out pension scheme for cocoa farmers

Government, through Ghana Cocoa Board (COCOBOD), has rolled out the Cocoa Farmers Pension Scheme (CFPS) to ensure a decent pension for cocoa farmers, improve their welfare, and also make farming attractive to the youth. This comes after the Cocoa Management Systems (CMS) recorded some momentous strides after piloting the scheme for three weeks in August 2021 in New Edubiase and some other districts in the Ashanti Region. Just as government and private sector workers contribute during their working life, it has...

March 28, 2023

NewsGhana, Informal Sector, Pension design

15MarMarch 15, 2023

Ghana. ‘We don’t have time to go to court, we’ll picket MoF some more’ – Pension bondholders threaten

Pensioners who bought government bonds and have not been paid their coupons have threatened to picket the Ministry of Finance some more if they are not paid in 48 hours. "We have our options, plenty of them, including the picketing, so, when it comes that we have to repeat, we'll repeat", the group's convener, Dr. Adu Anane Antwi, told Valentina Ofori-Afriyie on Class91.3FM's mid-day news programme 12 Live. Asked if the options included going to court, Dr. Anane Antwi said: "No,...

March 15, 2023

NewsGhana, Income, Pension Payout

09MarMarch 9, 2023

Reverse SSNIT policy that disqualifies persons aged 60 from contributing to scheme – ACRR petitions NPRA

The Africa Centre for Retirement Research (ACRR) has petitioned the National Pensions Regulatory Authority (NPRA) to reverse the Social Security and National Insurance Scheme (SSNIT) policy that disqualifies members aged 60 and above from contributing to the scheme. The group in a statement dated March 7 noted that if the policy is not reversed, “it will adversely and significantly affect the retirement wellbeing of over 11,000 workers and even more in the future.” This comes after SSNIT issued a policy directive...

March 9, 2023

NewsGhana, Retirement Age, savings

14FebFebruary 14, 2023

Ghana. DDEP: We will abandon hospitals if you touch our pension funds – GMA warns

The Ghana Medical Association (GMA) has threatened it will abandon the hospitals if the government touches their pension funds for the Domestic Debt Exchange Programme (DDEP). Speaking on Starr Today with Joshua Kodjo Mensah, the General Secretary of GMA, Dr. Titus Beyuo said that the government dares not touch their independent pension funds adding any move by the government on their fund will be a complete betrayal of trust and action in bad faith. “If you touch people’s pensions they are...

February 14, 2023

News, UncategorizedGhana, Political economy

09FebFebruary 9, 2023

Ghana debt swap deal ‘good for you’, finance minister tells retirees

Ghana's finance minister told a group of protesting retiree bondholders on Monday they were being a offered a good deal, as the government of the struggling West African nation pushes to get a domestic debt exchange over the line by Tuesday. Ghana launched a debt swap plan in December as part of attempts to address a spiralling economic crisis, but it has struggled to convince bondholders to register, in part due to a lack of clarity over its terms and...

February 9, 2023

NewsGhana, Pension Payout, Political economy

07FebFebruary 7, 2023

Ghana. Pensioners protest at finance ministry over debt exchange programme

A rather rare incident but it has come to that because of the introduction of government’s Domestic Debt Exchange Programme. A group of persons – over 60 years have gathered at the premises of the finance ministry Monday morning to register their displeasure about the suggested inclusion of pensioners in the Domestic Debt Exchange Programme (DDEP). Read also Ghana debt swap deal ‘good for you’, finance minister tells retirees The group; Pensioner Bondholders Forum say their petition to the government on January...

February 7, 2023

NewsGhana, Public Pensions

May 2023

Ghana. Only about 1.9m out of 10 million workers are covered under SSNIT scheme – SSNIT boss

Ghana. SSNIT expands coverage of basic social security scheme to self-employed persons

502,855 workers paid GH₵500 or less a month in Ghana

Ghana. Govt urged to establish Financial Literacy Education Secretariat

March 2023

Ghana. Government rolls out pension scheme for cocoa farmers

Ghana. ‘We don’t have time to go to court, we’ll picket MoF some more’ – Pension bondholders threaten

Reverse SSNIT policy that disqualifies persons aged 60 from contributing to scheme – ACRR petitions NPRA

February 2023

Ghana. DDEP: We will abandon hospitals if you touch our pension funds – GMA warns

Ghana debt swap deal ‘good for you’, finance minister tells retirees

Ghana. Pensioners protest at finance ministry over debt exchange programme