Uganda learns from Ghana's pension experience
The National Pensions Regulatory Authority, on Friday 25th February 2022, received delegates from the National Social Security Fund (NSSF) of Uganda.
The team consisting of members of Ugandan Judiciary and representatives of NSSF in Uganda, a provident fund that covers all employees in the private sector, was led by Mr. Richard Byarugaba, Managing Director of NSSF.
The visit to the authority was part of the itinerary of their study tour of Ghana to learn at firsthand how Ghana’s pensions system is structured to deal with legal issues on non-payment of contributions by employers.
In his welcome address, the Deputy Chief Executive Officer (DCEO) Mr. David Tettey-Amey Abbey, expressed satisfaction in receiving the delegation. He was of the view that the visit will afford the two institutions to learn from each other to enhance their operations and also improve pension systems in their various countries.
He added that the NPRA is ready to open its doors to sister institutions around the globe and share ideas and knowledge in the area of pension.
Mr. Abbey noted that the authority has made progress in collaborating with the Ghanaian judiciary to further utilize the prosecutorial powers of the authority. He made reference to a number of NPRA staff who have been trained by the Ghana Judicial service to facilitate the prosecution of defaulting institutions.
On informal sector, the Deputy CEO briefed the delegation on the progress the authority had made so far. He said, the NPRA has just completed a strategy which details the Authority’s workplan from 2017-2021. A new strategic plan therefore has been initiated from 2022 to 2026.
“One key area the authority will further look at will be increasing pension coverage within the informal sector”. He stressed. Mr. Abbey also made mention of the Authority’s establishment of a Pensions College to train personnel in the pension industry.
Mr. Richard Byarugaba also admitted that, NSSF as an organization that handles a similar scheme in Uganda, having the opportunity to learn from NPRA especially on the 3 tier pensions scheme, is a stepping stone to reaching higher heights when it comes to regulating private sector pensions.
A presentation on the impact of pensions reforms in Ghana was made by a representative of the NPRA to the delegation. It stressed on the importance of 3
tier pensions scheme and provided indebt information about the investments of Pensions Funds and Assets Under Management (AUM)