Ghana Archives - Page 10 of 20 - Pension Policy International

14JunJune 14, 2023

Ghana. NPRA to increase pension penetration by 25% amongst informal sector workers by 2026

Increased pension penetration among employees in the informal sector is the goal of the National Pensions Regulatory Authority (NPRA). This move, if finalized, will see penetration increase from 6 percent to 25 percent by 2026. The Authority explains that although a section of the informal sector holds misconceptions about pensions, it is committed to its sensitization drive to ensure that its targets are achieved. At a brief ceremony to highlight the end of the SECO project, Chief Executive Officer of the...

June 14, 2023

NewsCoverage, Ghana

02JunJune 2, 2023

Ghana unions request time to mull $2.7 billion pension fund restructuring offer

Ghanaian labour unions have asked the government for time to assess a proposal presented on Thursday to restructure pension funds worth around 30 billion Ghanaian cedis ($2.7 billion). The West African nation is looking to extend the maturity periods of cedi currency bonds that the pension funds hold in exchange for higher interest payments as part of efforts to save billions in near-term debt payments under a loan deal from the International Monetary Fund. Abraham Koomson, leader of the federation of...

June 2, 2023

NewsGhana, Pension Payout

30MayMay 30, 2023

Ghana. Ministry of Finance holds financial literacy workshop for businesses

The Ministry of Finance, in collaboration with the World Bank, Bank of Ghana, and other financial institutions has held a financial literacy training workshop for businesses in Tamale. The workshop, which was under the National Financial Education Campaign Programme, sought to strengthen citizens’ financial capabilities and promote responsible financial behaviours. It was attended by industry players in the financial sector including representatives of the Securities and Exchange Commission, National Pensions Regulatory Authority, National Insurance Commission, and the Ghana Microfinance Institutions Network. Mr...

May 30, 2023

NewsFinancial Education, Ghana

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

June 2023

Ghana. NPRA to increase pension penetration by 25% amongst informal sector workers by 2026

Ghana unions request time to mull $2.7 billion pension fund restructuring offer

May 2023

Ghana. Ministry of Finance holds financial literacy workshop for businesses

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