• About
  • Advertise
  • Privacy Policy
  • Contact
Wednesday, July 9, 2025
  • Login
The Vaultz News
  • Top Stories
  • News
    • General News
    • Education
    • Health
    • Opinions
  • Economics
    • Economy
    • Finance
      • Banking
      • Insurance
      • Pension
    • Securities/Markets
  • Business
    • Agribusiness
    • Vaultz Business
    • Extractives/Energy
    • Real Estate
  • World
    • Africa
    • America
    • Europe
    • UK
    • USA
    • Asia
    • Around the Globe
  • Innovation
    • Technology
    • Wheels
  • Entertainment
  • 20MOBPL2DNew
  • Jobs & Scholarships
    • Job Vacancies
    • Scholarships
No Result
View All Result
The Vaultz News
  • Top Stories
  • News
    • General News
    • Education
    • Health
    • Opinions
  • Economics
    • Economy
    • Finance
      • Banking
      • Insurance
      • Pension
    • Securities/Markets
  • Business
    • Agribusiness
    • Vaultz Business
    • Extractives/Energy
    • Real Estate
  • World
    • Africa
    • America
    • Europe
    • UK
    • USA
    • Asia
    • Around the Globe
  • Innovation
    • Technology
    • Wheels
  • Entertainment
  • 20MOBPL2DNew
  • Jobs & Scholarships
    • Job Vacancies
    • Scholarships
No Result
View All Result
The Vaultz News
No Result
View All Result

NPRA outlines strategies to safeguard pension contributions amid pandemic

July 16, 2020
Stephen M.Cby Stephen M.C
in General News, Sub Top Stories1
0
NPRA  outlines strategies to  safeguard pension contributions amid pandemic

Ernest Amartey-Vondee, Director in charge of Planning, Research and Evaluation at the NPRA

Ernest Amartey-Vondee, the Director in charge of Planning, Research and Evaluation at the NPRA, outlined measures put in place by the Authority in response to the effect of the global pandemic on the pension industry in the country.

“The COVID-19 has had its effect on the pension industry in Ghana. In response, the following measures were instituted. Corporate trustees were made to initiate business continuity plans. The NPRA put in place a mechanism of how to engage with these regulated entities particularly on matters relating to licensing and registration, report submission, fee payment and others. Also, onsite inspections were put on hold temporarily whereas previous submissions of deadline regulatory reports were relaxed. Also, engagement with service providers were held remotely and a review of the Ghana Revenue Authority Act was done to relax withdrawals of Tier three benefits”.

Ernest Amartey-Vondee

According to him, the NPRA has suffered tremendously as a result of the pandemic as most pension funds have undergone some setbacks. Investments of pension funds in financial assets which resulted in low turnovers had the pandemic to blame for it.

The National Pensions Regulatory Authority, NPRA, says the impact of COVID-19 on the pensions industry globally is a reminder to developing countries such as Ghana to introduce and implement long-term sustainable plans for the aged.

RelatedPosts

Ghana Moves to Overhaul Scholarship Regime with New Bill

Ghana Slammed for UN LGBTQ Vote Abstention

Bright Simons Slams E&P Over Gold Mine Controversy

Speaking at the 2nd Virtual Annual Open Forum organized by Axis Pension Trust, Mr. Amartey-Vondee, also said the regulator is strict in enforcing some recommendations that came up during the three-week partial lockdown to protect pension contributions.

The scourge of the pandemic has very much affected all other sectors and the pension industry is bearing its own brunt of it as fund managers are experiencing reduction in returns.

Usually, pension funds are invested in long term instruments due to their nature. In developed economies, pension funds serve as a pool of money to invest in the real sectors to generate returns upon which part is given to pension contributors when they retire.

The impact of COVID-19 on the industry has compelled the NPRA to outline new regulations to protect contributors.

The CEO of Axis Pensions Trust, Afriyie Oware in addressing the financial sector challenges, also laid emphasis on the necessity in enhancing corporate governance in the midst of COVID-19 by bolstering public confidence towards pension contribution.

“A lot of people have lost their monies to various financial sector institutions. Some of which are actually regulated so this has heightened the level of anxiety among the investor public. So we believe this event has come as a necessary intervention to keep you closer and to also give you an opportunity of understanding exactly what is happening. As a business, Axis has evolved”.

Afriyie Oware

Even though pension contribution has been generally low in Ghana, there have been attempts by successive governments to encourage the informal sector to join in the contribution.

Tags: CoronavirusNPRApension scheme
Please login to join discussion
Previous Post

First Female Deputy Managing Director For Ghana Stock Exchange

Next Post

ACET Launches Online Portal For Smallholder Farmers

Sign up for The Vaultz analytic wire

Get weekly news analysis from top editors at The Vaultz and stay informed on trending economic and business issues from across the globe.

Related Posts

Hon. Haruna Iddrisu, Ghana's Minister for Education
General News

Ghana Moves to Overhaul Scholarship Regime with New Bill

July 9, 2025
LGBTQ concerns in Ghana
General News

Ghana Slammed for UN LGBTQ Vote Abstention

July 9, 2025
Databank Forecasts Prolonged Slump in T-Bill Demand Over Low Yield Concerns
Securities/Markets

Databank Forecasts Prolonged Slump in T-Bill Demand Over Low Yield Concerns

July 9, 2025
Bright Simons, E&P, Azumah
General News

Bright Simons Slams E&P Over Gold Mine Controversy

July 8, 2025
Bank Al-Maghrib Joins Afreximbank’s PAPSS to Drive Intra-African Trade
Banking

Bank Al-Maghrib Joins Afreximbank’s PAPSS to Drive Intra-African Trade

July 8, 2025
Kwasi Sibo
Sports

Kwasi Sibo Eyes Black Stars Call-Up

July 9, 2025
Hon. Haruna Iddrisu, Ghana's Minister for Education
General News

Ghana Moves to Overhaul Scholarship Regime with New Bill

by Evans Junior OwuJuly 9, 2025
LGBTQ concerns in Ghana
General News

Ghana Slammed for UN LGBTQ Vote Abstention

by Lilian AhedorJuly 9, 2025
Databank Forecasts Prolonged Slump in T-Bill Demand Over Low Yield Concerns
Securities/Markets

Databank Forecasts Prolonged Slump in T-Bill Demand Over Low Yield Concerns

by Stephen M.CJuly 9, 2025
Bright Simons, E&P, Azumah
General News

Bright Simons Slams E&P Over Gold Mine Controversy

by Silas Kafui AssemJuly 8, 2025
Bank Al-Maghrib Joins Afreximbank’s PAPSS to Drive Intra-African Trade
Banking

Bank Al-Maghrib Joins Afreximbank’s PAPSS to Drive Intra-African Trade

by Stephen M.CJuly 8, 2025
Kwasi Sibo
Sports

Kwasi Sibo Eyes Black Stars Call-Up

by Evans Junior OwuJuly 9, 2025
Hon. Haruna Iddrisu, Ghana's Minister for Education
LGBTQ concerns in Ghana
Databank Forecasts Prolonged Slump in T-Bill Demand Over Low Yield Concerns
Bright Simons, E&P, Azumah
Bank Al-Maghrib Joins Afreximbank’s PAPSS to Drive Intra-African Trade
Kwasi Sibo
[/vc_row_inner]

Recent News

  • Ghana Moves to Overhaul Scholarship Regime with New Bill
  • Ghana Slammed for UN LGBTQ Vote Abstention
  • Databank Forecasts Prolonged Slump in T-Bill Demand Over Low Yield Concerns
  • Bright Simons Slams E&P Over Gold Mine Controversy
  • Bank Al-Maghrib Joins Afreximbank’s PAPSS to Drive Intra-African Trade
The Vaultz News

Copyright © 2021 The Vaultz News. All rights reserved.

Navigate Site

  • About
  • Advertise
  • Privacy Policy
  • Contact

Follow Us

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
No Result
View All Result
  • Top Stories
  • News
    • General News
    • Education
    • Health
    • Opinions
  • Economics
    • Economy
    • Finance
      • Banking
      • Insurance
      • Pension
    • Securities/Markets
  • Business
    • Agribusiness
    • Vaultz Business
    • Extractives/Energy
    • Real Estate
  • World
    • Africa
    • America
    • Europe
    • UK
    • USA
    • Asia
    • Around the Globe
  • Innovation
    • Technology
    • Wheels
  • Entertainment
  • 20MOBPL2D
  • Jobs & Scholarships
    • Job Vacancies
    • Scholarships

Copyright © 2021 The Vaultz News. All rights reserved.