The National Pensions Regulatory Authority (NPRA) says it is taking immediate steps to expand social security coverage in Ghana.
According to the agency, only about 600,000 of an estimated 10.2 million workers in the informal sector are currently enrolled in at least one pension scheme.
The NPRA will therefore introduce a range of policies aimed at addressing the apparent exclusion of the informal sector in relation to retirement planning.
Nana Sifa Twum, head of corporate affairs at the agency, said: “We have started massive training. Last year, for example, we held a so-called pension awareness week.”
“We’re launching one for this year next week and our biggest registration will be in Dambai in the Oti region.”
“We will have an extensive week-long program to get in touch with groups, associations and institutions; We would bring them together, talk to them and motivate them to retire (systems),” he revealed.
He also pointed out that the NPRA hires religious bodies, the GPRTU and other groups to intensify education.
This is against the background that workers in the informal sector are demanding that the NPRA extend its reporting to them.
A trader who spoke to JoyNews on Thursday 13 January said: “We grow but we have nothing, what little we have here we enjoy and later you have nothing.”
“A time will come when you can do nothing, what little you have you would use for children…there is nothing but education. So if they enlighten us about it, we will be happy, then people will understand it better instead of doing ‘Susu’.’”
SSNIT increases retiree benefit by 10%
Meanwhile, the Social Security and National Insurance Trust (SSNIT) has adjusted monthly pensions upwards by 10 percent for 2022.
This is intended to help maintain the purchasing power of pensioners.
The decision was made in consultation with the National Pensions Regulatory Authority (NPRA) under Section 80 of the National Pensions Act 2008 (Act 766).
In a Jan. 11 press release, SSNIT said that all retirees on its pension list as of December 31, 2021 “will have their monthly pension increased by a fixed rate of 9.68% plus a redistributed lump sum of 3.44GH¢ will”.