Support to Ghana's pension sector regulator
This project supports the National Pension Regulatory Authority (NPRA) to strengthen its capacity to better perform its role as regulator of the pension sector. In the long term the support should contribute to make Ghana's pension reforms more sustainable.
Economic and financial policy
- Foreign Consultants
|Background||In 2008, Ghana overhauled the pension system and introduced a new contributory three-tier pension scheme. The new scheme complies with international good practice and has many similarities to the Swiss pension model. The National Pension Regulatory Authority (NPRA), a relatively new organisation with limited capacity and established systems was tasked with the sector's oversight and regulation.|
|Objectives||Ghana's reformed National Pension Act with the new three-pillar system is implemented and thereby contributes to poverty reduction and economic development by providing a reliable, adequate and secure old-age income for all citizens.|
|Medium-term outcomes||NPRA’s capacity to regulate and monitor Ghana’s pensions system is enhanced.NPRA corporate governance improves significantly.|
Expected results: Pending uncertainties from reform transition period have been resolved. In particular the interpretation of National Pensions Act with regard to past credits and the reconciliation of Temporary Pension Fund Accounts.NPRA started to regulate the sector and monitoring tasks become routine.NPRA's processes and structures are improved and result in a better performing institution.Public Financial Management capacity within the NPRA is strengthened.
|Directorate/federal office responsible||
|Budget||Current phase Swiss budget CHF 2'660'000 Swiss disbursement to date CHF 0 Budget inclusive project partner CHF 5'600'000|
Phase 1 01.01.2013 - 31.12.2016 (Completed)