The Board of the National Pensions Regulatory Authority (NPRA) has been urged to develop policies and work as a team to introduce best practices to enhance its operations and that of service providers.
Mr Fiifi Kwetey, Minister of Financial and Allied Institutions, made the call at the inauguration of an eleven member board of the NPRA in Accra on Monday.
“Due to the crucial role of pensions systems within every economy, and the financial markets in particular, effective regulations and supervision of pension funds is ever more important to at least ensure protection of scheme members, beneficiaries, and any other stakeholders,” he said.
The Minister said the NPRA’s mandate as stipulated in the National Pensions Act (Act 766) was quite clear and it was important that the board helped the NPRA in achieving its objectives because of the crucial role of pension systems within the economy.
The NPRA is responsible for ensuring compliance with the Act 766, register Occupational Pension Schemes, Provident Funds and PERSONAL Pension Schemes, approve, regulate and monitor trustees, pension funds managers, custodians and other institutions that deal with pensions as the Authority may determine among others.
“These are all important objectives which the Board would be expected to see to their effective delivery,” he said.
The minister lauded the NPRA for some significant achievements as part of its efforts at implementing the pension reforms.
Mr Kwetey cited the registration of 35 Pension Fund Managers, 14 Pension Fund Custodians, 16 Corporate Trustees, and 114 Occupational, Provident and Personal Pension Schemes, as well as the accumulation of over GHc1.1 billion in assets for the private pension schemes as some of the important achievements of the NPRA.
“Whilst commending the previous Board and Management for their efforts and achievements so far, it is my belief that the incoming Board will even push these achievements to a much higher level,” he said.
Dr Nii Kwaku Sowah, Chairperson of the Board, assured the Minister that the Board would work hard to ensure that the objectives of the NPRA were met.
The eleven member board are Dr Nii Kwaku Sowah, Chairperson, Mr Laud Senanu, Chief Executive Officer, NPRA, Mr Frederic S. Illiasu, Government representative, Mr Adu Anane Antwi, (Securities and Exchange Commission), and Dr T. A. Bediako (Organised Labour).
Others are Dr Anthony Yaw Baah (Organised Labour), Mr Benjamin Asumang (National Pensions Association), Mr Sampson Akuetey Nortey (Ministry Responsible for Pensions), Mrs Akofa E. Avorkliya (Bank of Ghana), Mr Kwame Ofori Gyau, (Employers Association) and a representative of the Attorney’s General’s Department.