The National Pensions Regulatory Authority (NPRA) says it is taking immediate steps to expand social security coverage in Ghana.

According to the Authority, only about 600,000 out of an estimated 10.2 million workers in the informal sector are currently enrolled on at least, a pension scheme.

The NPRA is therefore set to roll out a number of policy measures targeted at addressing the seeming exclusion of the informal sector with regard to pension planning.

Head of Corporate Affairs at the Authority, Nana Sifa Twum said “we have started a massive education. Last year, for instance, we did what we call pensions awareness week.”

“Next week, we are starting one for this year and our major market admission is going to be in Dambai in the Oti region.”

“We are going to have a massive one-week programme to get in touch with groups, associations and institutions; we’d gather them together, talk to them and motivate them to be on pension (schemes),” he revealed.

He also indicated that NPRA is engaging religious bodies, the GPRTU and other groups to intensify education.

This is against the backdrop that workers in the informal sector want the NPRA to expand its coverage to include them.

A trader who spoke to JoyNews on Thursday, January 13 indicated that “We are growing but we have nothing, the little we have here, we enjoy it and later on, you have nothing.”

“A time will come you can’t do nothing, the little you have you would use on children…there’s nothing as education, So if they educate us about it, we will be happy then people will understand it more instead of doing ‘Susu.’”

SSNIT reviews pensioners’ benefit upwards by 10%

Meanwhile, the Social Security and National Insurance Trust (SSNIT) has adjusted monthly pensions upwards by 10 per cent for 2022.

This is to help maintain the purchasing power of pensioners.

The decision was taken in consultation with the National Pensions Regulatory Authority (NPRA) pursuant to Section 80 of the National Pensions Act 2008 (Act 766).

In a press statement dated January 11, SSNIT said all pensioners on its pension payroll as of December 31, 2021, “will have their monthly pension increased by a fixed rate of 9.68% plus a redistributed flat amount of GH¢3.44.”