Business News of 2012-10-09

NPRA is financially constrained – Board Member

Board Member of the National Pensions Regulatory Authority, Dr. Thomas Bediako has admitted financial and administrative constraints are unduly affecting the implementation of the 3 Tier Pensions Scheme.

Several stakeholders have expressed anxiety over delays in the implementation of the scheme – 3 years after the process was initiated.

The authority has however re-assured the schemes developed by the Trustees would be registered by the end of this month for the full implementation.

According to Dr. Bediako, the delays in the implementation could be blamed on the bureaucracy associated with government institutions.

“We don’t have enough money and we depend on the government of Ghana. The budget we presented this year, we had one-third of it. And we supposed to receive money every month but from January till now, at my last count, we had had only 3 remittances which are not enough and also not forthcoming" he said.

Then you have to recruit people but with attractive salaries and conditions of service. We are more or less operating as a civil service where you are limited in the number of people you can apply and the approval. After the approval even getting their names on government payroll too can take like 3 months or more” he added.