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Some 20% of Ghanaians will need pension support in old age – World Bank

The World Bank has pointed out that 20 per cent of Ghana’s population will in the future need old age support requiring higher expenditure in social security. The Ghana Country Director of the Bank, Henry Kerali noted that the World Bank’s analysis indicates that the Social Security and National Insurance …

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MTN Ghana launches trader’s pension scheme

MTN Ghana has launched a new initiative dubbed; ‘My Own Pension” to enable traders in the informal sector to save some money for their retirement just as the formal sector. “My Own Pension,” which goes with the slogan “Pension Papa Paa,” seeks to bridge the gap between the sectors to …

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Western and Central Pensioners want deductions halted

The Takoradi Branch of the SSNIT Pensioners’ Association together with the Central Regional Branch have unanimously called on the National Executives to halt the four Cedis deduction into the Pension Mutual Scheme.  The members said it had been four solid years of the implementation of this scheme without the commiserate …

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Explore alternative sources of funding pension schemes – Bawumia

Vice President Dr Mahamudu Bawumia has underscored the need for stakeholders in the pension management in the country to explore alternative sources of funding pension schemes without any entrenched positions. He said future governments would not have to resort to borrowing to pay pension benefits with its accompanying interest cost, …

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Ernest Thompson, others to face prosecution

The Economic and Organised Crime Office (EOCO) has indicted four persons, including Mr Ernest Thompson, the former Director-General of the Social Security and National Insurance Trust (SSNIT) for causing financial loss to the state in the Operating Business Suite (OBS) contract. The other three are former Head of IT Department, …

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Tier three is better than microfinance – NPRA

The National Pension Regulatory Authority (NPRA) has urged workers in the informal sector to patronise the Third-Tier voluntary pension scheme for a more secured financial wall. Mr Emmanuel Awuku Dagbanu, Corporate Affairs Manager of the NPRA said fund flexibility was guaranteed under the “Informal Sector” product of the Scheme and …

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Ghana’s reinsurance market remains untapped as insurance market premium was GH¢419m in 2017 – NIC

The reinsurance sector in the country largely remains untapped with a lot of room for growth in the provision of reinsurance capacity in the areas of oil and gas, marine, aviation and specialist liability risk. Mr. Justice Yaw Ofori, Commissioner of the National Insurance Commission (NIC) who disclosed this at …

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Government insures all GES workers – Minister

Government has secured a life insurance package with SIC Life Company (SIC Life) for all workers of the Ghana Education Service (GES). Under the package, any GES worker, who dies or falls ill critically would be given a sum cover up to GH¢10,000, depending on the medical report. Also, a …

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National Health Insurance Authority proposes special tax on sugary, alcoholic beverages

The National Health Insurance Authority is proposing a special tax on sugar-sweetened and alcoholic beverages as additional source of funding for the National Health Insurance Scheme. The new levy would be put on beverage companies, which would be taxed according to how much sugar is in their products and the …

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Health Insurance owes Swedru Ahmadiyya Hospital 15 months arrears

Dr Khan Rafi A. Sahibzada, the Medical Director of Agona Swedru Ahmadiyya Muslim Mission Hospital, says the continuous delay in payment of National Health Insurance Claims has become a major obstacle to the effective running of the health facilities. He said the assurance given by the President Nana Akufo-Addo in …

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