Carbonatix Pre-Player Loader

Audio By Carbonatix

The National Pensions Regulatory Authority (NPRA) has intensified its public education and sensitisation drive in the Upper West Region, calling on informal sector workers and small-scale business operators to sign up for pension schemes to guarantee financial security in their old age.

The advocacy campaign commenced with a massive street float dubbed the “Pensions Caravan” and “Pensions on Wheels” through the principal streets of Wa, culminating in a community dialogue and stakeholder engagement at the Wa Regional Library.

Speaking in an interview on the sidelines of the event, Principal Manager, Corporate Affairs at NPRA, Accra, Efua Appiah-Gyimah, said the establishment of an NPRA regional office in Wa was part of broader efforts to decentralise pension administration and bring regulatory services directly to the doorsteps of workers.

She noted that while formal sector employees benefit from mandatory statutory deductions, informal workers must take deliberate personal responsibility for planning for life after active work.

“When you take every four workers in Ghana, three of them are in the informal sector. Informal sector workers work for a very long time, far beyond the standard 60-year retirement age. However, a time inevitably comes when age sets in, and they can no longer work. It is at that critical point that they need retirement savings,” she explained.

Madam Appiah-Gyimah highlighted the flexibility of the Tier-3 scheme under the National Pensions Act (Act 766), explaining that traders, artisans, commercial drivers and farmers could contribute at their own pace and convenience.

“The third tier was specifically designed for the informal sector. Workers can contribute any amount at will, weekly, monthly or quarterly, depending on their business returns. It is fully protected and monitored by the NPRA across licensed trustees, custodian banks and fund managers,” she added.

She also cautioned formal sector workers against neglecting their pension records, urging them to regularly check their statements with SSNIT and private trustees and update their beneficiary records to reflect changes in their marital and family status.

For her part, Manager in charge of Education and Sensitisation at NPRA, Accra, Rosina Akrofi, revealed that informal sector workers constitute about 85 per cent of the national labour force, yet the vast majority remain uncovered by any structured social security mechanism.

“Our message is simple: you can also have a pension as an informal sector worker. Whether you are selling koose, bofrot or pure water, riding a tricycle (Mahama Can Do) or okada, or farming yam and watermelon, your pension has come."

"You can register as an individual or join as a trade group so that when strength fails you tomorrow, that money will take care of you,” Madam Akrofi emphasised.

Speaking on the impact of social safety nets on local businesses, Upper West Regional Director of the Ghana Enterprises Agency (GEA), Mohammed Abdul-Moomin, whose outfit spearheaded the mobilisation of micro, small and medium-sized enterprises (MSMEs) for the event, urged business owners to treat pension planning as an essential business survival tool.

“Pension is inevitable. We always pray for long life and good health, but even when blessed with both, active regular income diminishes with age. A pension provides the necessary financial cushion during those non-productive years,” he stated.

He reaffirmed the GEA’s commitment to continually integrate pension education into its regular entrepreneurship training and business advisory sessions.

The NPRA has urged all workers and trade associations in the region who could not attend the forum to visit its Wa office for guidance and to register with licensed trustees.

DISCLAIMER: The Views, Comments, Opinions, Contributions and Statements made by Readers and Contributors on this platform do not necessarily represent the views or policy of Multimedia Group Limited.
DISCLAIMER: The Views, Comments, Opinions, Contributions and Statements made by Readers and Contributors on this platform do not necessarily represent the views or policy of Multimedia Group Limited.