The Bank of Ghana is currently seeking to engage the services of an actuarial firm to perform an actuarial assessment and valuation of the Bank’s Pension Scheme for the next four (4) years.
This is contained in a public notice released by the Bank of Ghana and signed by the secretary, Sandra Thompson on Wednesday, September 30, 2020.
According to this notice, The Bank of Ghana intends to apply part of its budgetary allocation to payments under the contract for the Bank of Ghana (BOG) Pension Fund Valuation.
“The Bank of Ghana has been operating an internal pension scheme over the years. This pension scheme has been evaluated by a number of actuarial firms by conducting independent assessments and actuarial valuation of the pension liabilities under the scheme”
The Successful Consulting firm, as per this notice, “is expected to conduct independent assessments and actuarial valuation on:
“The Bank’s total liabilities as well as current accrued benefits of individual members at the valuation date; liabilities arising from the Bank’s contribution in respect of staff under the new three-tier pension scheme, when their retirement dates fall due; as well as the impact of varying benefit formulae on the pension position and long term viability of the pension fund”.
The notice further stated that, “the Bank of Ghana invites eligible consultants to indicate their interest in providing the services. Interested consultants must provide information indicating that they are qualified to perform the services (brochures, description of similar assignments, experience in similar conditions, availability of appropriate skills among staff, etc.).
“A consultant will be selected in accordance with the procedures set out in the Public Procurement Act, 2003 (Act 663), as amended, of the Republic of Ghana and shall meet the following criteria: Certificate of Registration of Firm; Valid Tax Clearance Certificate; VAT Certificate; Valid SSNIT Certificate; Evidence of registration with Public Procurement Authority; Relevant Experience of Firm; Availability and Experience of relevant key staff; and any other requirements as necessary”.
The Bank of Ghana admonished interested consultants to obtain further information by addressing a letter to the Head of Human Resource & Capacity Development Department of the Bank of Ghana.
The deadline for expression of interest is Friday, October 30, 2020.
