President John Mahama has announced a bold move to fully automate the operations of the National Pensions Regulatory Authority (NPRA), ensuring efficiency, transparency, and enhanced regulation of Ghana’s growing pension fund assets.
“This year, the NPRA will fully automate its internal operations, and the pension industry will be regulated,” he stated. “This is critical to safeguarding the growing pension fund assets.”
The announcement marks a significant step in modernising Ghana’s pension system, which has long been plagued by delays in processing claims, lack of accessibility for informal workers, and concerns over financial mismanagement.
Automation is expected to reduce human errors, speed up pension processing times, and enhance compliance monitoring within the industry.
In addition to automation, the government is prioritising pension inclusion for informal sector workers, who currently make up the majority of Ghana’s workforce yet have limited access to pension benefits.
As part of measures to increase pension coverage in the informal sector, which currently stands at just 11%, the Government will implement an Informal Sector Pension Inclusion Initiative to increase participation in micro pension schemes,” Mahama revealed.
This initiative aims to encourage self-employed individuals, traders, artisans, and other informal sector workers to secure their financial future through structured pension contributions.
President Mahama further reassured stakeholders that the government would uphold strict fiduciary responsibility over the operations of both the NPRA and the Social Security and National Insurance Trust (SSNIT).
We will maintain strict fiduciary responsibility for the operations of the NPRA and SSNIT,” he affirmed.
Beyond regulatory improvements, the President underscored the importance of harmonious industrial relations in shaping the future of Ghana’s labour and pension administration.
The National Tripartite Committee, led by the sector minister, will soon convene a National Labour Conference to address pressing issues affecting both workers and employers.
The recommendations from this conference will influence and shape the Government’s policies and programmes,” Mahama noted.
His administration’s approach signals a commitment to not only improving pension administration through technology but also ensuring that Ghana’s workforce, including those in the informal sector, can retire with dignity.
As automation of the NPRA moves forward, stakeholders are hopeful that the initiative will lead to faster pension disbursements, better oversight of pension funds, and increased financial security for all Ghanaian workers.
