News Guide Africa

Tag: NPRA

  • Pension payments increased by 12% for 2025


    The Social Security and National Insurance Trust (SSNIT) has increased monthly pension payments by 12% for the year 2025.

    This decision, made in consultation with the National Pensions Regulatory Authority (NPRA), aligns with Section 80 of the National Pensions Act, 2008 (Act 766).

    The 12% increase will be applied to all pensioners on the SSNIT payroll as of December 31, 2024. It comprises a fixed rate of 8% and a flat amount of GH¢72.58. This flat amount represents the remaining 4% of the increase, which is redistributed to ensure a more equitable distribution of benefits among pensioners.

    “Redistribution is a mechanism applied to the indexation rate to cushion low-earning pensioners in conformity with the solidarity principle of social security,” stated SSNIT in a press release.

    This mechanism ensures that lower-income pensioners receive a more significant increase in their benefits.

    As a result, the minimum monthly pension will increase from GH¢300 in 2024 to GH¢396.58 in 2025, representing an effective increase of 32.19%.

    This pension adjustment is expected to provide much-needed relief to pensioners facing rising living costs.

     

     

  • GSE, NIC and NPRA to lead local credit rating agency agenda

    The Ministry of Finance has accepted the business plan for the first domestic credit rating agency to be established with key market regulators as shareholders.

    The institutions have already accepted the proposal and working to get the agency established.

    The entities are the National Insurance Commission, the National Pensions Regulatory Authority and the Ghana Stock Exchange (the majority shareholder).

    The move which is backed by the World Bank will improve credibility of corporate bond issuers as well as businesses that participate on the GSE.

    Head of Fixed Income Market at the Ghana Stock Exchange, Augustine Simons, explained to selected Journalists that this is very critical to the promotion of investments on the capital market.

    Early this year, the GSE announced that it will establish a domestic credit rating agency for the capital market in Ghana by the middle of the year.

    The agency is expected to rank bonds according to their value in order to bring some confidence and comfort to investors.

    Giving an update of the work done so far, the Head of the Fixed Income Market said the three market regulators have accepted proposal to hold stake in the agency.

    “Work is progressing steadily and I must say that the three agencies nominated as initial shareholders for the agency, thus, NIC and the GSE have all accepted and made commitments to the establishment”.

    “The business plan developed by accounting and auditing Firm, KPMG, has been accepted by the ministry and they’re supporting it fully to ensure that it becomes successful” he said.

    He added that the requirement by the Securities and Exchange Commission is what could delay the process since it may request a foreign assistance.

    Meanwhile, the Deputy Managing Director of the GSE, Abena Amoah, says the GSE will be using financial literacy programmes to increase the appetite for investments, among citizens.