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Investment Ghana's pension fund targets the informal sector

Some financial institutions have begun moves aimed at getting more workers in the informal sector to enroll on pension schemes.

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Pension for the informal sector has become a great concern for some industry players within the financial institutions.

This has made some financial institutions to begin moves aimed at getting more workers in the informal sector to enroll on pension schemes.

Reports say, about 70 percent of Ghana’s working population in the informal sector do not have any pension scheme.

READ ALSO: 40 former MPs drag govt to court over pension pay

The Chief Executive Officer of Old Mutual Ghana, George Kojo Addison said talks have begun with associations in the informal sector to increase their interest in pensions as well as get them to enroll on available pension schemes.

“We also have informal sector experiences so what we are going to do is to engage associations like the fisher folks, the farmers and the traders so by engaging them you have access to all their members and we have products and services available for the informal sector as well so that is our approach”.

Mr. Addison spoke on the sidelines of the launch of the Old Mutual Pension Trust Ghana.

Old Mutual Ghana recently launched the Old Mutual Pension Trust Ghana.

READ ALSO: Investment Push 10 percent of Pension Funds to the private sector —Tony Elumelu

The company is expected to provide pension management and administrative services to third party defined contribution, that is the second and third party pension schemes as well as cater for the needs of institutions and individuals with value based investment options tailored to keep pace with participants changing life cycle as they approach retirement.

Meanwhile, the National Pensions Regulatory Authority has made fresh calls on companies to pay the pensions of their workers or face legal action.

Manager, Corporate Affairs of the National Pensions Regulatory Authority, Emmanuel Awuku Dagbanu who spoke to Citi  News said companies that fail to pay the pensions on their workers will be duly sanctioned.

READ ALSO: Push 10 percent of Pension Funds to the private sector —Tony Elumelu

“There is an issue about whether they are supposed to register the second tier or not and also those who have registered but yet they are finding it very difficult to pay so the NPRA will make sure that we sanction companies that fail to pay”.

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