NPRA CEO Commits to Building an Inclusive and Robust Pension System for All Ghanaians
NPRA CEO Pledges Action to Expand Pension Coverage and Restore Trust in System
- Christopher Boadi-Mensah has reiterated his commitment to establishing a strong and inclusive pension system
- He stressed the importance of creative solutions
- He also called for improved governance and transparency in the management of pension funds
Christopher Boadi-Mensah, the CEO of the National Pensions Regulatory Authority (NPRA), has reiterated his commitment to establishing a strong and inclusive pension system that accommodates both formal and informal sectors in Ghana.
He stressed the importance of creative solutions, including micro-pension plans and digital tools, to expand coverage and ensure financial security for all citizens.
“We need a robust and efficient pension system that serves the welfare of all employees. While traditionally focused on the formal sector, now is the time to include the self-employed in the pension framework. Digital solutions must be employed to increase coverage and ensure financial security,” he said.
Boadi-Mensah made these comments during a key stakeholder meeting that brought together custodians, fund managers, and pension managers to discuss the future of Ghana’s pension sector and explore ways to restore trust within the system.
He also called for improved governance and transparency in the management of pension funds, acknowledging the challenges posed by economic instability, including inflation and debt restructuring.
“It is clear that the country’s economic situation, particularly inflation and debt restructuring, has created significant challenges for the pension sector. These issues have led to delays in benefit payments, undermining trust and compliance from employers,” he remarked.
The NPRA CEO emphasized the need for urgent action to resolve these payment delays and enhance employer compliance, stressing that the survival of the pension system depends on regaining public trust.
Boadi-Mensah reaffirmed the Authority’s commitment to a proactive and cooperative approach to regulation and policy enforcement. He assured stakeholders that the NPRA would continue to support reforms that directly benefit both pension contributors and industry participants, rather than just serving as a passive regulatory body.
“This is more than just about policies; it’s about people’s lives. As stakeholders, we must work together to create a pension system that guarantees financial dignity in retirement. We must take decisive steps toward building a more resilient and inclusive pension framework for Ghana,” he concluded.
