Ghana: The National Pensions Regulatory Authority (NPRA) has intensified efforts to expand pension coverage among informal sector workers through a community dialogue programme dubbed 'Pension on Wheels' in Ho.
According to Ghana News Agency, the initiative, held at the Ahoe Community Development Centre, aimed to educate traders, artisans, transport operators, farmers, and other self-employed individuals on the significance of pension planning and the advantages of enrolling in the voluntary Tier Three pension scheme. The programme commenced with a float through Ho's principal streets to raise awareness about preparing for retirement, followed by discussions at the centre on retirement planning, pension benefits, and financial security in old age.
Mr. Yakubu Alhasan Fuseni, the Volta Regional Manager of the NPRA, explained that the initiative is part of the Authority's strategy to bring pension services closer to the public and boost participation among informal sector workers. He detailed Ghana's three-tier pension system, highlighting the third tier's role in accommodating self-employed and informal workers.
'We are bringing pensions to the doorsteps of the public. Our target is the informal sector because we want to reduce old-age poverty and ensure that every Ghanaian can retire with dignity,' he stated. The programme also aimed at securing on-the-spot enrolment of participants to increase pension coverage and promote financial independence during retirement.
Mr. Collins Appraku, Corporate Affairs Manager in charge of Public Relations at the NPRA, emphasized that pension should not be seen as a privilege for formal sector workers alone. He affirmed the Authority's commitment to extending pension services to all worker categories, stressing the importance of retirement planning.
Mr. Appraku announced the establishment of a regional NPRA office in the Volta Region, marking a significant step in enhancing pension education and compliance in the area. Meanwhile, Madam Rosina Akrofi, Corporate Affairs, Education and Sensitisation Officer of the NPRA, urged early retirement preparation and highlighted maintaining a steady income in old age.
Sharing a personal story about her late mother, she illustrated how financial independence in retirement significantly contributes to the dignity and wellbeing of older individuals. She explained that the Tier Three pension scheme offers contributors flexibility through retirement and savings accounts, allowing for long-term financial security.
Togbe Dzrake Tsigbe IV, the Paramount Chief of the Akoefe Traditional Area, who chaired the event, praised the NPRA for its grassroots pension education efforts and urged participants to take retirement planning seriously. Togbe Kasa III, the Chief of Ahoe, also encouraged informal workers to embrace pension schemes, advising against relying on children as retirement plans.
Officials encouraged participants to register with licensed pension trustees present at the event, assuring them that the scheme is legally backed and regulated by the NPRA to protect contributors' investments and retirement benefits.