Pension contributors under the 3rd Tier could use part of their contributions to access mortgages as per the law. Individuals who have opted for the third-tier pension scheme have the option of contributing into a savings and pensions accounts under the personal pension schemes and a provident fund which provides them the opportunity to leverage their contributions to finance their primary residence, among others. In addition, the 3rd tier offers a provident fund scheme.

Chief Executive Officer (CEO) of the National Pensions Regulatory Authority (NPRA), Mr John Mbroh made this known when he received a delegation from The Gambia at his office.

The ten-member taskforce working to formulate policies and programmes for pragmatic informal pension penetration into The Gambian informal economy for citizens to benefit from pensions and other social protection benefits re in the country to understudy the Ghanaian Pensions System.

The Gambia which has an estimated population of 2.8 million people has 80 percent of its working force in the informal sector who are not on any form of pension scheme.

Mr Mbroh noted that Ghana has come a long way in providing pension schemes for citizens within the informal economy which he described as work in progress and vibrant.

He said the Authority has initiated policies and programmes to collaborate with identifiable professional associations, religious groups and Trade Unions to enrol more workers in the informal economy on pension schemes. He said there is a need to inculcate into the citizenry savings habits and a fruitful consumer consumption pattern.




The CEO said though the government has put in place social interventions to help cushion old-age people in society, much more needs to be done for retirees in the country to live in dignity during retirement.

“Pension schemes when well designed and patronised are known to be the most popular, reliable, and best practices to address the most significant challenges in old age in many countries.

Mr Mbroh noted that over the years, the NPRA has worked hard to drum home Ghana’s pension agenda through outreach and sensitisation activities such as media engagements, stakeholder engagements, advertising, pension clinics, and market activations that have been conducted across the country.

Despite the enormous efforts by the Authority through these activities to whip up the interest among the Ghanaian working populace, especially those in the informal sector, to register on pension schemes, there is still some more room for improvement by way of helping the Ghanaian informal sector worker to understand and participate in pension schemes.

The Senior Operations Manager of The Gambian Social Security and Housing Finance Corporation, Talibo Jassey, and the Head of the delegation expressed delight about the three-tier pension scheme Ghana operates. He was of the view that Ghana’s approach to the penetration into the informal economy with pension is commendable and called on the Authority to assist The Gambia to achieve the same.

He indicated, the team has heard commendable reviews of the NPRA’s role as a regulatory body for both public and private pension schemes and said they hope to understand the strategies, mechanisms, and best practices that have contributed to the success of both public and private Pension Schemes in Ghana.

He noted that the team was in Ghana to gain insights into the operational framework of both public and private Pension


Schemes and to understand the methodologies used for extending social protection to informal sector workers.

According to Jassey, they were also to explore the implementation challenges faced and the corresponding solutions and to learn about the impact assessment mechanisms employed to measure the effectiveness of the programs.


He noted that based on existing levels of poverty and vulnerability in The Gambia and the gaps identified in current social protection efforts, the Government recognises that its social protection system requires modernisation and expansion in order to provide more reliable and effective protection from multifaceted shocks and to build people’s resilience to adversities and especially financial hardship.

The five-day visit to the Authority also saw the team engaging some Corporate Trustees and the regional offices of the Authority on their operations.