An 11-member board with the National Pension Authority (NPRA) has being jointly inaugurated by Mr Ken Ofori-Atta, Minister of Finance and Mr Ignatius Baffour-Awuah, Minister of Employment and Labour Relations.
The new board is below the chairmanship of Mr Paul Simon Koranteng, a retiree additionally, the associated the President.
The members include Mr Hayford Attah Krufi, Chief Executive Officer, NPRA and Mr Bright Wireko Brobbey, a Deputy Minister of Employment and Labour Relations.
Others are Madam Grace Akrofi, Bank of Ghana; Reverend Daniel Ogbarmey Tetteh, Registration; Mr Reynolds Ofosu Tenkorang and Dr Justice Duffu Yankson, both representing organised labour.
The rest are Mr Joseph Nii Noi Adumuah, National Pensioners Association; Madam Frederica Iliasu, an agent of the Attorney General and Minister of Justice; Mr Ofotsu Tetteh-Kujorjie, a representative with the President and Mr Kwame Ofori-Gyau within the Ghana Employers Association.
The NPRA was established through the National Pensions Act, 2008 (Act 766) and for the purpose to and monitor the process of the Pension Scheme and make sure the effective administration of pensions in the country.
Mr Ofori-Atta called about the new NPRA board a thing quickly to stem the practice where trustee and administrators undermine the function of fund managers, and micro-manage an investment process.
He said the practise isn’t of international standard and would derail efforts intended to utilize pension industry to rework the economy.
“The risk somewhere of having a Trustee or Administrator ‘dominance’ will be severe as pensions are about social security, and retirement income protection,” he explained.
Mr Ofori-Atta called around the Board to revisit the Act and assure that most international recommendations are? go through the way the key players in the industry relate and protect the sanctity in the pension industry.
He claimed it is crucial how the NPRA takes cognisance from the role of human actors while in the pension funds management process, and then to make sure trustees and administrators interact with fund managers in ways that promotes professionalism; as well as stifle the innovations necessary by fund managers in taking investment decisions.
Mr Ofori-Atta recounted the fact that pensions reforms that resulted in the Three-Tier Pension system in 2004, if the T.A. Bediako Committee was established; on the grounds that “since 2010 we have started the implementation of one of the most required reforms with our financial system”.
“As a rustic, now we have made significant progress ever since then, with total pension assets now greater than GH