Workers pension funds yields GHc1.6 billion – NPRA

• Posted on October 31, 2014
• by Nana Kwesi Coomson
• Comment

The Chief Executive Officer of the National Pensions Regulatory Authority (NPRA), Laud Senanu has disclosed that funds accrued on the tier two pension funds for aggrieved workers has yielded Ghc1.6 billion.

According to him, the amount comprises contributions from both public and private sector workers.

Confirming the amount on Eye Witness News, Laud Senanu said “these monies were invested in treasury bills and so far the treasury bills have yielded quite a substantial interest.”

Twelve labour unions are currently on strike to force government to release their tier two pension contributions into private registered account.

They also accused government of spending the funds after it failed to fully disclose the amount lodged at the central bank.

The labour unions had also questioned why the regulator; NPRA had been silent on the matter, when the issue had generated so much debate and concerns among Ghanaians.

Earlier, the Minister of Labour Relations, Haruna Iddrisu indicated that about GHc400 million is with the Bank of Ghana yet to be disbursed into the private schemes.

But according to Laud Senanu, the amount stated by the Minister was that of the public sector alone adding that the money has increased to over GHc500 million within a week.

Mr Senanu explained that “the amount has increased because just last week and this week, the Controller and Accountant Generals department has made additional payments so the amount standing to the credit of public sector workers is GHc 521,835,937.36,” he said.

The NPRA boss also indicated that his outfit has had to freeze all insurance schemes until the misunderstanding between the workers and government is resolved.

-By: Godwin Allotey Akweiteh