The National Pensions Regulatory Authority (NPRA) has received a US$2.4million grant from the Switzerland government to implement initiatives aimed at boosting its capacity to effectively regulate the pensions industry.
Under the terms of the agreement, the Swiss State Secretariat for Economic Affairs (SECO) will support Ghana to strengthen the regulation provided by the NPRA through training of staff and improvement in the regulator’s institutional framework.
SECO has contracted Swiss-based HSP Consulting to support implementation of the project during the next three years.
To ensure successful implementation, a five-member committee has been inaugurated by the Authority to oversee the project. They include Dr. Nii Kwaku Sowa, board chair of NPRA; Ms. Brigitte Cuendet, Swiss representative; Mr. Laud A.K. Senanu, acting CEO of NPRA; Mr. Joseph Chognuru, from the Ministry of Finance and Economic Planning; and Mr. E. Amartey Vondee, a pensions industry expert.
Mr. Senanu said a strong and well-regulated pension sector facilitates the development of financial markets, especially local capital markets, through diversifying sources of funds as well as mobilising long-term savings for productive purposes.
By Benson Afful | B&FT Online | Ghana
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