The National Pensions Regulatory Authority (NPRA), as part of its efforts to promote quality education delivery, has donated 10,000 exercise books to be distributed to Technical and Vocational Schools (TVET) across the country.
The books, estimated to cost GH¢60,000, feature simplified information on Ghana’s 3-Tier Pension Scheme, to help students appreciate the importance of savings and retirement planning before entering the world of work.
The NPRA presented copies of the books to the Minister of Education, Haruna Iddrisu, on Friday during a courtesy call on him by NPRA’s Chief Executive Officer (CEO), Mr Chris Boadi-Mensah, and the management team of the authority.
Mr Iddrisu in his remarks commended NPRA for what he described as a “laudable and forward-looking initiative.”
He added that the gesture would encourage young people to view pensions as a vital part of their financial future, and to enrol in and contribute to pension schemes once they begin working.
The Minister urged NPRA to intensify its public education campaigns, noting that many Ghanaians still lacked a clear understanding of the pension system.
He called for a review of the industry’s investment guidelines to ensure that pension funds deliver greater impact on Ghana’s development, particularly in infrastructure and education.
According to him, the education sector presents significant potential investment opportunities with strong returns.
Mr Boadi-Mensah in his remarks stated that the donation formed part of NPRA’s commitment to improving financial literacy and nurturing a culture of pensions among the next generation of workers.
He said plans were underway to increase the exercise books to the TVET schools from 10, 000 to 50,000 and 100,000.
Additionally, Mr Boadi-Mensah assured the Minister that the Authority was committed to shifting from short-term to long-term investments, with infrastructure as a key focus area under the ongoing review.
The NPRA CEO announced that NPRA was developing a special scheme to expand pension coverage, especially in the informal sector, which remains the largest segment of Ghana’s workforce.
He continue that the NPRA was collaborating with the Ministry of Education and other stakeholders to introduce a non-scoring pension’s course in TVET institutions.
He explained that many graduates left school without basic knowledge of pensions, though they soon transition into the workforce.
Furthermore, Mr Boadi-Mensah indicated that the proposed course would cover the essentials of Ghana’s 3-Tier Pension Scheme, the responsibilities of employers and employees under Act 766, the benefits of saving early, and the opportunities available for self-employed and informal sector workers.
He said the exercise books to be distributed to schools in various regions would not only support classroom learning but also equip young people with the knowledge they need to secure their retirement income in the years ahead.
BY KINGSLEY ASARE
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