Accra: 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.
According to Ghana Web, the IOPS Executive Committee comprises a minimum of five and a maximum of fifteen members representing at least three continents. This committee 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 that NPRA's elevation to this high-level decision-making body is a significant acknowledgment of Ghana's steady progress in strengthening pension supervision and regulatory effectiveness. This appointment marks the first time NPRA, and Ghana, have received such recognition internationally in the pension space.
In addition to its new international role, the NPRA is actively addressing non-compliance issues within the country. The Deputy Chief Officer highlighted the policies and programmes implemented by the new leadership of the NPRA, which have yielded significant results, including an increase in pension contributions by the informal sector and the retrieval of over GHS27 million of pension contributions owed by employees. The authority has prosecuted 11 employers for non-compliance, providing them with structured payment plans for their pension arrears, enforced by the court.