The National Pensions Regulatory Authority (NPRA) has disclosed that more than 100 employers have been taken to court for failing to remit pension contributions, as it steps up efforts to safeguard workers’ retirement savings.
The Authority says it has successfully recovered over GH¢27 million from defaulting employers and has signaled stricter enforcement measures in the coming months.
At a press briefing in Accra, NPRA Deputy Chief Executive Officer Victor Azumah revealed that total pension funds under management have surpassed GH¢100 billion.
Despite this growth, he raised concerns about low participation from the informal sector, which has contributed only GH¢1.2 billion—about 16 percent of total contributions. He attributed this to factors such as lack of trust in financial systems, partly due to past failures of microfinance institutions, as well as the irregular income patterns of informal workers.
The NPRA also flagged ongoing non-compliance among some private employers, noting that certain companies deduct pension contributions from employees’ salaries but fail to remit them. Others, he said, have not even registered pension schemes for their staff, violating mandatory Tier Two requirements.
Mr Azumah urged all employers to comply immediately, warning that failure to do so would result in prosecution.
He added that the Authority intensified compliance checks in 2025 by deploying officers to audit employers’ records. This exercise led to several prosecutions and the recovery of about 30 percent of outstanding contributions.
Looking ahead, the NPRA is developing new guidelines to diversify pension fund investments and is in discussions with government to settle outstanding arrears owed to the Social Security and National Insurance Trust (SSNIT).
The Authority is also reviewing its policy on offshore investments of pension funds. A ban introduced two years ago to support the cedi may soon be reassessed, with considerations being made to allow diversification while monitoring performance risks.
Source: 3news
