July 2023
03Jul

Ghana. Inevitable 2nd round of DDEP: Will organized labor sacrifice pension funds?

Ghana, like many other countries, has faced significant economic challenges due to the global pandemic and mounting debt burdens. Despite recent efforts to restructure a portion of its domestic debt, Ghana still finds itself grappling with a substantial financing gap. The recent formation of a creditor committee, co-chaired by China and France, and their statement urging negotiations for debt treatments underscore the inevitability of another round of domestic debt restructuring for the country. This article will examine the factors leading...

July 3, 2023
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June 2023
29Jun

Ghana. Pensioner bondholders suspend picketing at Finance Ministry

The Pensioner Bondholders Forum has suspended its planned picketing at the Finance Ministry to protest the non-payment of outstanding coupons. This follows the resumption of payments of the coupons by government on June 27. On June 22, the pensioner Bondholders began a third round of picketing at the Finance Ministry to demand seven outstanding coupons following which government has begun payment. The pensioners say a planned protest scheduled for today, June 29 has been suspended due to the show of commitment by...

June 29, 2023
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23Jun

Ghana. Pensioners Bondholders begin third round of picketing

Members of the Pensioners Bondholders Forum have begun a third round of picketing at the Ministry of Finance to demand payments on due coupons, principals, and interest on bonds. The picketing is set to be carried out on Thursdays and Fridays of every week until government honours its obligation to bondholders. Speaking in an interview on the first day of picketing, Dr Adu Anane Antwi, the convener of the Forum, said that although the Government said it has directed the Controller...

June 23, 2023
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20Jun

Ghana’s pensions authority seeks support from development partners — As SECO project comes to an end

The National Pensions and Regulatory Authority (NPRA) is asking for support from the World Bank and other development partners for continuous technical training for the effective operationalisation of its Risk Based Supervision (RBS) System. The RBS systems which was developed in 2019 through the help of the Swiss State Secretariat of Economic Affairs (SECO) is aimed at streamlining the supervisory and regulatory mandate of the authority. It was also designed to help the authority to stay abreast with the emerging pensions...

June 20, 2023
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14Jun

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
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02Jun

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
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May 2023
30May

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
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12May

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
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11May

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
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08May

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
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