The National Pensions Regulatory Authority (NPRA) says the micro pension scheme is the most appropriate for the nature of the country’s informal sector.
Speaking at the National Pensions Awareness Week held in Kumasi, CEO of the Authority, Hayford Attah Krufi said the informal sector of Africa’s economy would thrive through small scale pension, personal pension and group personal pension schemes.
“We in Ghana, especially in the informality of the nature of how we work, the best way to approach pensions is through associations, cooperatives, unions and individual,” he explained.
Mr Attah Krufi noted the need to eliminate old-age poverty in the informal sector, constituting about 85% of the population.
According to him, the authority is working around the clock to raise informal pensions from a low level of 3% penetration to 40% penetration in the next five years.
The Pension Awareness Week celebration is the country’s maiden week-long programme which is scheduled to take place from October 25 to 29, under the theme, “Total Participation in Pensions to ensure Retirement Income Security".
The awareness week was targeted at associations of traders, drivers, tailors and dressmakers, hairdressers and beauticians, vulcanisers, woodworkers and the Trades Union Congress (TUC) and to deepen, educate and sensitize Ghanaians on the tier-three pensions in relation to the informal sector.
Employment Minister, Ignatius Baffour-Awuah indicated that pension schemes have become necessary in the development of the country’s economy.
He discredited the idea that pension plans are for only employees in the formal sector and implored employees to demand information about their contributions towards pensions.
President Akufo-Addo on December 1, 2020 inaugurated the Cocoa Farmer’s Pension Scheme which will see over 1.5 million cocoa farmers in the country contributing to a pension scheme which will guarantee retirement benefits.
Latest Stories
-
T-bills auction: Government records 2.45% undersubscription, interest rates remain relatively stable
50 minutes -
Jordan Ayew, Abdul Fatawu suffer relegation from the Premier League with Leicester City
59 minutes -
Leicester City officially relegated from the Premier League following defeat to Liverpool
3 hours -
GPL 24/25 Basake Holy Stars edge out Legon Cities in relegation battle
3 hours -
2025 Apetorku festival: Dagbamate community renews call for government support on key infrastructure projects
3 hours -
Young people in South Dayi to receive free computer training
3 hours -
Dagbamate: Ghana’s hidden traditionalist village where cleanliness, peace, and ancestral faith reign supreme
4 hours -
Torgbui Klu Agudzeamegah appeals for motorable road in Dagbamate
4 hours -
10 more arrested for galamsey in Tano Nimiri forest
4 hours -
Girl, 14, killed by lion in Kenya
4 hours -
Ukraine and Russia trade blame for breaking ‘Easter truce’
5 hours -
‘Operational misunderstanding’ led to killing of Gaza medics, IDF inquiry says
5 hours -
Rafatu Inusah Eyes Ghana Olympic Committee Board Seat
5 hours -
Gideon Boako spends Easter with Tano North self starters living in Accra
5 hours -
The Joy of Easter: TDM brings Hope with Donation to Tsiame CHPS Compound
5 hours