Ghana's NPRA lands key role on global Pensions Executive Committee

Ghana’s National Pensions Regulatory Authority (NPRA) has been appointed to the Executive Committee of the International Organisation of Pensions Supervisors (IOPS), the highest decision-making body of the pension sector in the world.

The appointment was announced by the Deputy Chief Executive Officer (CEO) of NPRA, Victor Azuma Mejida, who read a statement on behalf of the authority's CEO, Christopher Boadi-Mensah, at a press briefing in Accra.

He indicated that, as a member of the IOPS Executive Committee, Ghana would play a key role in the development of the pension sector of the world.

“I am pleased to inform you that the NPRA has been appointed to the Executive Committee of the International Organisation of Pensions Supervisors (IOPS), the highest decision-making body of the organisation. The IOPS Executive Committee, comprising a minimum of five and a maximum of fifteen members representing at least three continents, has full responsibility for steering the Organisation's strategic objectives and promoting strong supervisory standards for private pension systems internationally.

“Its core mission is to enhance the quality and effectiveness of private pension supervision worldwide, ensuring stronger governance, improved operational efficiency, and secure retirement income for workers across member countries,” the deputy CEO explained.

He noted that the appointment of Ghana to the committee is very telling and shows the progress the NPRA has made.

“NPRA's elevation to this high-level decision-making body is a significant acknowledgement of Ghana's steady progress in strengthening pension supervision and regulatory effectiveness. This is the first time NPRA, and for that matter, Ghana, has received such recognition internationally in the pension space. Congratulations to all of us as Ghanaians,” he said.

NPRA moves to prosecute over 11 employers for non-compliance

The Deputy Chief Officer also touted the policies and programmes implemented by the new leadership of the NPRA, which he said were yielding significant results, including the increase in pension contributions by the informal sector and the retrieval of over GH¢27 million of pension contributions owed by employees.

He noted that the authority has so far prosecuted 11 recalcitrant employers, who have been given structured payment plans for their pension arrears, enforced by the court.

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