Austin Gamey: Ghana Has Failed to Adhere to Pension Fund Management Rules.
Austin Gamey: Ghana Has Failed to Adhere to Pension Fund Management Rules
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Labour expert Austin Gamey has highlighted that the challenges faced in pension fund management by the Social Security and National Insurance Trust (SSNIT) are due to longstanding violations of pension rules. Key points from his remarks include:
- Ongoing Issues: SSNIT has faced scrutiny for nearly selling 60% of its shares in four hotels to Bryan Acheampong’s Rock City Hotel, which led to significant labor unrest.
- Government Criticism: Gamey criticized successive governments for failing to properly transfer deducted pension contributions to SSNIT and tier two funds.
- Regulatory Violations: He emphasized that a disregard for pension management rules is a root cause of the current problems.
- Call for Action: Gamey urged for a thorough examination and correction of these issues to ensure proper pension management.
- Structural Problems: He also pointed out issues with SSNIT’s governing structure and the National Pensions Regulatory Authority, calling for accountability and a review of the governance framework.
In his comments on the Joy News National Dialogue on pension reforms, Mr. Gamey stressed the need for a comprehensive approach to resolving these deep-rooted problems.