The National Pensions Regulatory Authority (NPRA) has announced plans to introduce basic pensions education at tertiary, secondary, and vocational institutions as part of efforts to enhance financial literacy and expand pension coverage in Ghana.

During a courtesy call on the Minister of Education, the Chief Executive Officer (CEO) of NPRA, Chris Boadi-Mensah, acknowledged the minister’s personal contributions to the growth of NPRA and the pensions industry during his tenure as Minister of Employment and Labour Relations, especially establishing NPRA’s Tamale and Kumasi Zonal Offices as “pivotal in advancing decentralisation efforts of the authority.

The CEO said that while NPRA’s core mandate was regulation and supervision of the industry, the authority was equally committed to pensions education.

“Many graduates leave school without basic knowledge of pensions, even though they enter the workforce shortly after,” Mr Boadi-Mensah said. 

“The proposed pensions education module will cover the essentials of the 3-Tier System, the responsibilities of employers and employees under Act 766, the benefits of starting early, and opportunities available for self-employed and informal sector workers.

Such an initiative will not only prepare our youth for their financial future but will also reduce old-age poverty, strengthen the pension industry, and contribute to national development by expanding coverage and mobilising long-term capital,” he said. 

As part of this effort, NPRA will donate 10,000 branded exercise books to selected Technical and Vocational Schools across the country.

The books carry simplified information on Ghana’s 3-Tier Pension Scheme, designed to nurture a culture of savings and retirement planning among students at an early age.

Minister Welcomes Initiative

For his part, the Minister of Education, Haruna Iddrisu, commended the NPRA for what he described as a “thoughtful and forward-looking gesture.”

He said the donation of 10,000 exercise books would not only enhance learning in the Technical and Vocational Education and Training (TVET) sector but also provide young learners with vital knowledge on pensions and retirement planning.

He noted that the proposal to introduce a non-scoring course or module on pensions across tertiary, secondary, and vocational institutions was both timely and significant.

The minister added that the initiative aligned with the ongoing review of Ghana’s national curriculum from Kindergarten to Primary Six (KG–P6).

Mr. Iddrisu reaffirmed the ministry’s commitment to working closely with NPRA, adding that the National Council for Curriculum and Assessment (NaCCA) and the Ghana Tertiary Education Commission (GTEC) would engage with the authority to advance the proposal.