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Over nine million Ghanaians lack pensions, primarily in the informal sector, according to the Head of Corporate Affairs at the National Pensions Regulatory Authority, Nana Sifa Twum.
He warned that many would retire into poverty if the pension scheme was not improved. Twum highlighted the difficulty in involving the informal sector in the pension scheme, stating that it was set up on the wrong premise, with the notion that pensions were for formal sector workers. He urged stakeholders to intensify public education and awareness for workers in the informal sector to understand they could also benefit from the pension scheme.
The National Pensions Regulatory Authority (NPRA) launched “Pension Sunday” in collaboration with the Presbyterian Church of Ghana to improve pension literacy and increase pension coverage. Twum said that the NPRA had successfully enrolled about seven percent of informal sector workers in the pension scheme, with plans to increase this to 25% within five years.
SOURCE: GRAPHIC ONLINE