The Asantehene, Otumfuo Osei Tutu II, has urged the National Pension Regulatory Authority (NPRA), to continue to monitor and supervise pension Institutions properly and to ensure that they work with pension funds within the regulations to avoid any unworthy investments.
Otumfuo Osei Tutu II called on the Management of the Authority to ensure strict adherence to Pension Funds Investment Guidelines, not only to help provide satisfactory returns, but importantly to safeguard contributions by workers in the country.
“Such guidelines will also help to provide contributors with a range of investment options and ensure that Trustees and Fund Managers make sound investment decisions.”
Otumfuo Osei Tutu II
According to the Asantehene, he is aware of the practical guidelines the Authority gives to guide pension fund investments, to ensure well-defined standards aimed at achieving safety of assets and fair returns on the pension funds.
The Asantehene made this disclosure when the Management of the NPRA called on him at Manhyia Palace in Kumasi.
The visit to the Manhyia Palace, according to reports, was purposed to brief the King on the activities of the Authority, and to announce to him the observance of the first-ever National Pensions Awareness Week that is set to be held in the last week in October.
Touching on the prudent management of the funds, the Asantehene said, when Pension Funds are well managed, it could be a stable and reliable source of funding for national development as it is being practiced in other economies around the world.
The Asantehene, Otumfuo Osei Tutu II, also encouraged the Management of NPRA to create an enabling environment for pension funds to positively impact the Ghanaian economy.
Future of the worker rests with NPRA
The King said, the country has entrusted the future and the destiny of the Ghanaian worker in the hands of Management of the Authority and their entire staff, and therefore must work towards realising these goals.
“You cannot fail the workers of this country. Your abilities and knowledge in the area must be well exhibited in providing a decent retirement package for the Ghanaian worker upon retirement.”
Otumfuo Osei Tutu II
Otumfuo Osei Tutu II called on the NPRA to strengthen their sensitisation and education to cover countrywide for the populace to understand the urgent need to participate in pension matters.
On his part, Mr Hayford Attah Krufi, the Chief Executive Officer (CEO) of the Authority stated that the NPRA has embarked on a massive educational drive to help drum home the nation’s pension agenda.
To this end, Mr. Hayford noted that the NPRA has opened two more offices within the last two years and is ready to open another one at Tema anytime soon.
NPRA’s CEO said Management acknowledged the pension industry’s enormous task, but his team is well poised in working to have a better pension structure in the country.
Mr. Hayford expressed his gratitude to the Asantehene for his admonition and pledged to abide by them for the benefit of the Ghanaian worker.
Commending the efforts of Management of the Authority, the King expressed satisfaction in the skills and the ability of Management, some of whom the Asantehene acknowledged he knows personally.
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