Accra: Government is intensifying efforts to integrate informal sector workers into voluntary pension schemes as part of broader reforms to secure dignified retirement for all Ghanaians. Dr Abdul-Rashid Hassan Pelpuo, Minister of Labour, Jobs and Employment, announced this initiative at the Third Health Sector Occupational Pension Scheme Annual General Meeting in Accra. The meeting was centered around the theme: ‘Strengthening Ghana’s Pension Ecosystem for Development and Retirement Security.’
According to Ghana News Agency, there are more than 200,000 potential beneficiaries, yet only about 8,000 have been integrated into the pension scheme. This highlights the urgent need for improved financial literacy and pension schemes among workers and employers to enhance participation and compliance. Dr Pelpuo emphasized that the government is exploring flexible contribution models tailored to the irregular incomes of informal sector workers, including artisans and other self-employed individuals across the country. He stressed that this move is crucial for expanding pension coverage.
The government plans to leverage technology through a national platform to integrate pensions data into the Ghana Labour Market Information System while promoting dignified work outcomes. Dr Pelpuo explained, ‘It’s a technological platform that we are using to protect all pension information and labour statistics throughout the country. and it will provide comprehensive data on the country’s labour and pensions landscape.’
The Employment Minister praised the efforts behind the Health Sector Occupational Pension Scheme, urging for a collaborative approach to make the scheme robust and ensure that workers retire with financial security after years of service to the nation. ‘The sustainability and inclusiveness of our pension ecosystem are not merely social ideals. They are critical components of our strategy for long-term economic growth,’ Dr Pelpuo stated.
Mr Joe Jackson, CEO of Dalex Finance, also spoke at the event, noting that Ghana’s pensions sector remained fragile. He called for urgent reforms to ensure sustainability and better outcomes for pensioners, advocating for reforms that would expand coverage, diversify investments, and improve governance to build trust among contributors and the public.
Mr Joseph Ampofo, President of the Chamber of Corporate Trustees, highlighted the importance of good governance in building public trust in pension schemes. He called for strong governance rooted in integrity and accountability and pledged the Chamber’s commitment to supporting reforms that would enable the pensions sector to drive economic transformation, stating, ‘when governance is strong, trust grows.’
Mr Victor Azumah, Deputy CEO of the National Pensions Regulatory Authority (NPRA), urged stakeholders to strengthen interdependence among actors in the pensions sector and to leverage pension funds for national development. The Health Sector scheme, the second-largest sectoral pension scheme in Ghana, has demonstrated significant growth over the years, with Assets Under Management reaching GHS5.4 billion and a total of GHS140.3 million paid to 5,106 members since 2019.