The National Pensions Regulatory Authority (NPRA) has clawed back GH¢27 million from employers who withheld workers’ pension contributions, warning that a fresh wave of prosecutions is imminent.
Speaking at a press conference in Accra on Thursday, Deputy Chief Executive Officer Victor Azuma Mejida said the recovered sum represents just 30 percent of total arrears owed — pointing to a far larger enforcement challenge ahead. He announced that 40 newly trained prosecutors will soon be deployed nationwide to intensify pressure on defaulting employers.
Mejida said compliance officers were dispatched across the country in 2025 to inspect employer books. Those found in breach were formally notified, with some placed on court-enforced payment plans and others prosecuted. He confirmed that 11 employers were prosecuted last year alone, with total arrears estimated at GH¢91 million.
The authority reserved particular condemnation for employers who deduct Tier 2 contributions from workers’ salaries but fail to remit the funds to licensed trustees. “Failure or refusal to pay these contributions spells doom for the worker,” Mejida said, adding that some employers had not even registered pension schemes for their staff.
Under Section 83 of the National Pensions Act, 2008 (Act 766), defaulting employers face a three percent monthly compounding penalty on unpaid contributions and potential criminal prosecution. Mejida threatened to “name and shame” repeat offenders through the media.
Acknowledging that government itself carries pension arrears, he described these as “legacy issues” currently under negotiation between the authority and the state.
Assets Hit GH¢109bn but Diversification Lags
Total pension assets under management reached approximately GH¢109 billion at the end of 2025, Mejida confirmed. However, a large portion remains locked in government securities.
NPRA’s Director of Standards and Compliance, Anthony Acquah, said actual exposure to government bonds has already declined from 75 percent to 66 percent, even though the mandatory 75 percent ceiling remains unchanged. “Gradually, you need to rebalance portfolios. You just can’t move that fast,” he said, noting that fund managers are actively increasing allocations to equities and alternative investments.
Director of the Informal Sector, Emmanuel Dagbanu, clarified that the 75 percent figure is a ceiling rather than a target. “A particular scheme can decide to do only 40 percent,” he said.
Mejida said the authority is reviewing pension investment guidelines to channel more funds into infrastructure and small and medium enterprise financing. He cited an existing pension-backed facility of GH¢45 million that supported 45 businesses and created close to 300,000 jobs as a model.
The NPRA also announced plans to launch a dedicated digital ecosystem to streamline enrolment into the Tier 3 informal sector pension scheme, which is yet to formally launch.
