The Minister for Labour, Jobs and Employment, Dr. Abdul-Rashid Hassan Pelpuo, has officially inaugurated the newly-appointed members of the Governing Board of the National Pensions Regulatory Authority (NPRA).
In his address, the Minister tasked the Board with making Ghana’s pension industry “very sound, robust and resilient,” particularly in light of challenges arising from the Domestic Debt Exchange Programme (DDEP) and global economic developments.
Dr. Pelpuo stressed the urgent need for a comprehensive review of the pensions regulatory framework to place the sector on a more promising and sustainable trajectory. He noted that the government’s Resetting Agenda outlines key interventions aimed at transforming the pensions landscape.
These include:
• Reviewing the legislative and regulatory framework,
• Establishing a Mortgage Assistance Fund, and
• Enhancing service delivery efficiency across the sector.
The Minister urged the Board to focus on implementing strategic government policy initiatives, especially those targeting the informal sector. He highlighted the Mo-Ne-Yo Initiative, which aims to promote pension schemes tailored to informal workers, including commercial drivers, motorcyclists, small-scale miners, farmers, fishermen, traders, market women, creatives, and artisans.
“Considering the overwhelming task ahead of you, I charge you, Members of the Board, to put in place measures and mechanisms that would make the pension industry very sound, robust and resilient,” he said.
He assured the Board of his personal commitment and that of the Ministry in supporting efforts to realize the government’s vision of a reset pensions sector that is sustainable, efficient, and responsive to the needs of all Ghanaians.
In his remarks, the Chairman of the NPRA Governing Board, Mr. Ebenezer Ofori Agbetor, pledged the Board’s commitment to transforming the pensions sector.
He emphasized the need for strategic direction, transparency, and strong governance to build public trust and ensure financial security for workers during retirement.
Mr. Agbetor outlined the Board’s key priorities, including:
• Deepening pension coverage,
• Driving investment growth,
• Strengthening regulatory oversight.
He also acknowledged existing challenges, such as the need to scale operations, enhance agility, and foster a participatory culture. He called for expanding digital infrastructure and intensifying public education to improve understanding and uptake of pension products, particularly among informal sector workers.
The Board Chairman assured stakeholders that the Board would execute its mandate in full compliance with the Pensions Act and all relevant laws and policies.
