Ghana Must Increase Retirement Age From 60 To 65 -NPRA Boss

Mr. Christopher Boadi-Mensah

Mr. Christopher Boadi-Mensah is the Acting CEO of the National Pensions Regulatory Authority (NPRA). He has called for a national dialogue on retirement age. He suggests extending it from 60 to 65 years. This change reflects increased life expectancy and demographic shifts.

Speaking to the Parliamentary Select Committee, he highlighted healthcare advancements. Many Ghanaians now live decades after retiring. This situation puts pressure on the pension system. “Some pensioners live more than 30 years after retirement,” he noted.

He emphasized the need for a data-driven discussion about retirement age. Many people in their 60s are still active, especially in academia and private sectors. Adjusting the retirement age could also reduce age falsification issues.

“People will feel secure knowing they have more working years,” he explained. The NPRA aims to expand pension coverage for informal workers. They plan to grow pension assets to US$100 billion in three years.

These efforts align with President John Mahama's goal of broadening pension access for private sector workers. As the industry grows, Mr. Boadi-Mensah stressed tightening regulations to protect public interest.

He expressed concerns about oversight of Social Security and National Insurance Trust (SSNIT). He believes regulators should evaluate investment decisions more actively. Proper oversight could improve handling of investments, especially during crises.

He cited SSNIT’s attempt to offload underperforming assets in 2024 as an example. “If there was proper oversight, it would have been better managed,” he said.

Mr. Boadi-Mensah also called for innovative investment products for pensions. He warned against letting valuable government assets remain unused while finances are tight.

“The pension fund can explore new investment opportunities,” he remarked. His comments may spark broader discussions on pensions and retirement in Ghana's future.