The Asantehene, Otumfuo Osei Tutu 11, has stressed the need for the National Pension Regulatory Authority (NPRA) to create an environment that enables pension funds to positively impact the Ghanaian economy.
He has therefore, called on the management of the Authority to ensure strict adherence to the Pension Funds Investment Guidelines not only to help provide satisfactory returns but importantly to safeguard contributions by workers in the country.
“Pension Funds can be a stable and reliable source of funding for national development as practiced elsewhere around the globe if they are well managed,” the Asantehene stated this when interacting with the management of the NPRA when they paid a courtesy call on him at Manhyia Palace in Kumasi.
The visit to the Manhyia Palace by the management of the NPRA was to brief the Asantehene on the activities of the Authority and also to announce to him the observance of the first-ever National Pensions Awareness Week to be held in the last week in October.
Otumfuo Osei Tutu urged the NPRA to monitor and supervise pension institutions properly on how they work with people’s pension funds to avoid any malfeasance and unworthy investment.
He noted that he was aware of the practical guidelines provided by the Authority to guide pension fund investments to ensure well-defined standards aimed at achieving safety of assets and fair returns on the pension funds.
The Asantehene commended the management of the Authority and admonished them to ensure pension funds were invested well to provide good returns and retirement income security for workers.
“The country has entrusted the future and the destiny of the Ghanaian worker in the hand of the NPRA, and therefore you must work towards realising the goals and also justifying the trust reposed in you,” he told the management of NPRA.
He expressed satisfaction in the skills and the ability of management, some of whom he acknowledged he had known personally.
“You cannot fail the workers of this country. Your abilities and knowledge in the area must be well exhibited in providing a decent retirement package for the Ghanaian worker upon retirement,” the Asantehene, said.
He further called on the NPRA to strengthen their sensitisation and education to cover the entire country for the populace to understand the urgent need to participate in pension matters in the country.
The Chief Executive Officer of the Authority, Mr Hayford Attah-Krufi, said the Authority had embarked on a massive educational drive to help drum home the nation’s pension agenda.
To this end, he noted, that NPRA had opened two more offices within the last two years and was ready to open another one at Tema soon.
He said management acknowledged the pension industry’s enormous task, and said his team was well poised in working to have a better pension structure in the country.
He expressed his gratitude to the Asantehene for his admonition and pledged to abide by them for the benefit of the Ghanaian worker.
KINGSLEY ASARE
