National Pension Regulatory Authority, Phase II

In 2008 Ghana enacted a comprehensive pension reform to address a variety of issues associated with the existing social security system and establish a more extensive system of old age income support. As part of this reform, a new pension system regulator was founded. The systemic economic and social relevance of the pension sector motivated a first phase of support. The project will build on achievements of the first phase and continue to develop internal capacities and external oversight functions, thereby ensuring that the regulator becomes a viable and sustainable institution.

The overall development objective of this second phase of the project is to support Ghana in improving its three-tier pension system by developing the regulators’s internal capacities and external oversight and compliance enforcement function.

Strengthening the regulator’s managerial accountability

Strengthening oversight and compliance

Enhancing outreach, education, and sensitization.

Risultati principali attesi:  

High-level framework to distinguish between policy oversight and supervision responsibilities

Dialogue on reform steps

Training of new Board Members

Multi-year strategic plan for legal framework

Policy and directives/regulatory guidelines for the administrative mandate

Structured process for the promulgation of regulations

Fiduciary law framework

Third party audit requirements and standards

Rules, procedures for 2nd and 3rd tier pensions

Implementation of a risk-based supervision toolkit

Compliance enforcement program

Data system design for data collection

Technology transfer from Swiss models on data management

Staff manuals for compliance enforcement programs

Legal analysis of compliance enforcement

Strategy on regulator oversight

Training needs assessment and training plan

"On-boarding" program

Industry handbook

Outreach to relevant stakeholders

Pension specialist curriculum

Risultati fasi precedenti:  

Audits of private sector funds have been completed

The regulator has issued a wide range of regulations and interpretations of the law

Long term strategic plan predicated on the anticipated needs and resources of the organization developed

Organizational structure and institutional capacity of the regulator has been considerable enhanced

A program of outreach and "sensitization" directed to the informal sector continues

A second round of assessment against the International Organisation of Pension Supervisors principles has been completed

Fase 2 01.02.2019 - 31.12.2022   (Active)