The Third Edition of the National Pensions Awareness Week was held by the Ministry of Employment and Labour Relations, and Pensions, in collaboration with the National Pensions and Regulatory Authority (NPRA) under the theme "My pension, My future." on Monday, 23rd  October, 2023 at the Forecourt of  Accra Metropolitan Assembly (AMA).

The event aimed to highlight the importance of pensions in every worker's life, and also to discuss and educate, especially those in the informal sector on the role of pensions in ensuring a secure and prosperous future for all workers.

The Minister for Employment and Labour Relations, and Pensions, Hon. Ignatius Baffour Awuah, launched the event with a call for the expansion of pensions to cover those in the informal sector.

He emphasized that, these schemes should not be limited to a fortunate few but extended to include all workers, especially those within the informal sector, which constitutes over 75% of the nation's workforce “Only through this inclusivity we can guarantee retirement for all workers”.

In a speech read on behalf of the Minister by the Director of Finance and Administration, Hamidu  Adakrugu Esq. He  stated that only 2.4 million out of 1 million  workers in Ghana have some form of pensions cover.

He emphasised the importance of pensions not only in securing retirement income but also in providing a crucial safety net during challenging economic times.

Hon. Awuah explained that pensions are not only a personal matter but also a national one, as pensions have the potential to reduce poverty and inequality. He called on all Ghanaians regardless of their profession to embrace pensions as an essential part of their future.

 

Mr. Hayford Attah Krufi Esq. the Chief Executive Officer of the National Pensions Regulatory Authority, reiterated the Authority's unwavering commitment to spreading pension awareness throughout the nation, “Our goal is to educate Ghanaians and deepen their understanding of the Three-Tier Pension Scheme”.

Dr. Isaac Bampoe Addo, the Executive Secretary for the Civil and Local Government Staff Association of Ghana (CLOGSAG), stated that Act 766 of the National Pensions Act 2008 was initiated by the Labour Unions under the leadership of Mr.  T.A. Badiako.

He maintained that pension funds invested into bonds have outlived its usefulness therefore these funds needs to be diversified into other areas to adapt to the changing economic landscape of the country.