Mr. Ken Ofori-Atta, the Minister of Finance, has charged the newly inaugurated board of the National Pensions Regulatory Authority (NPRA) to ensure the protection of the well-being of Ghanaians after retirement.
The finance minister made these comments at the swearing-in ceremony held at the Ministry of Finance’s conference room in Accra.
“We have a responsibility. Our focus must remain on creating adequate systems that ensure consumer protection that facilitate quick lump-sum payments. Your responsibility is to ensure that the future of our people is protected.”
Ken Ofori-Atta
The finance minister urged the inaugural board to raise pension awareness and encourage more people to join the pension plan. He remarked that the majority of the working class are not enrolled on the system, and that additional work is needed to enlist every working-class member.
The minister instructed the board members to speak as much as possible regarding pensions.
“I want issues of pensions to pre-occupy the discussions of all persons. I want you to make pension one of the main issues discussed at various places. The greater majority of our working people operate outside the pension scheme and so my charge to you is that as much as possible, make issues of pensions a daily discussion.”
Ken Ofori-Atta
Furthermore, the finance minister informed the board members that time was not on their side, necessitating the need to move quickly and implement measures to speed up the industry’s activities.
“Be fast in your decision-making in implementing the necessary strategies so that business will not unnecessarily delay.”
Ken Ofori-Atta
Expectations of professionalism from the Board
Mr. Ignatius Baffour-Awuah, Minister for Employment and Labor Relations, one of the speakers during the inaugural ceremony, lavished praises on the board. Expressing his satisfaction with the caliber and skill set of those sworn in as board members, the employment minister described them as “distinguished people in their respective fields.”
The employment minister stated that he anticipates ethical values and total professionalism in the work of the board members based on their respective histories and notable successes. He hinted that if the supervisory board makes it so, the pensions industry will considerably improve and be productive.
“I will expect a high degree of professional work ethics and expertise to be implemented at the NPRA.”
Mr. Ignatius Baffour-Awuah
Furthermore, Paul Simon Koranteng, the newly elected Chairman of the National Pensions Regulatory Authority’s board, guaranteed the ministers and the Ghanaian government of total productivity in the sector and promised to make pensions appealing and secure under his watch. He stated that he is appreciative of the honor bestowed upon him and that he will make them proud.
“The NPRA will be safe and sound under our watch. It is our duty to build on the past successes to push the authority to higher heights.”
Paul Simon Koranteng
The chairman stated that his major priority is to accelerate the expansion of the pensions sector, as he believes the pensions industry has huge growth potential but has yet to realize it. He promised all stakeholders that he would see to it that the sector’s full potential is realized.
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