The Vice-Office President's will help the National Pensions Regulatory Authority (NPRA) digitalize its processes.
According to Vice-President Mahamudu Bawumia, this was done in order to reposition the NPRA in order to bring out appealing and credible pension systems, particularly for those in the informal sector.
When the NPRA's Board Chairman, Simon Koranteng, led the authority's Chief Executive Officer (CEO), Hayford Attah Krufi, the management, and senior employees to pay him a courtesy call at his office at Jubilee House in Accra yesterday, the Vice-President offered the assurance.
Ignatius Baffour-Awuah, Minister of Employment and Labour Relations, was part of the delegation. Background
The National Pensions Regulatory Authority (NPRA) was established by the National Pensions Act 2008 (Act 766) to regulate and monitor the three-tier pension scheme and ensure effective administration of all pensions in the country. The NPRA is responsible for registering occupational pension schemes, provident funds, and personal pension schemes, among other things.
It also has the authority to authorize, regulate, and supervise trustees, pension fund managers, custodians, and other entities that deal with pensions.
It also oversees and monitors the fundamental national social security scheme's operation, conducts research, and maintains the upkeep of a national databank on pension issues.
Dr. Bawumia stated, "A well-regulated and functioning pension system is a vital motivator for investment and growth." "I am highly interested in the evolution of the pensions business," he stated, "and we are ready to assist you in developing suitable technology, software, and designs to help you accomplish your objectives, particularly in reaching individuals in the very big informal sector."
The Vice-President assured the NPRA that his office will assist them in digitalizing their operations.
Technology
Mr Baffour-Awuah stated that the NPRA was looking to use appropriate technology, such as mobile money interoperability, to make pension contributions and payments more convenient, as well as collaborate with stakeholders to develop the necessary software to make pension administration more efficient.
"Ghana has a working population of roughly 12 million people, but only about two million are in the official sector, contributing to pensions." He went on to say, "We need to strive harder to pull in individuals from the informal sector."
Mr Krufi, for his part, said the NPRA was prepared to expand its activities in order to be closer to its clients, with offices in Kumasi, Sunyani, Takoradi, Tamale, and Tema.
To avoid punishment, he urged companies to pay their employees' pension payments on time.