President John Mahama has directed the Ministry of Finance to undertake a comprehensive review of Ghana’s pension system, with a strong focus on expanding coverage to workers in the informal sector.
The directive was announced during a Presidential Dialogue with Organised Labour, where the President said the current system must be strengthened to ensure all workers can retire with dignity.
“I have instructed the Ministry of Finance to oversee a thorough review of our pension structure,” he said.
He explained that the review will aim to broaden access, improve how contributions are made, and strengthen oversight of pension funds.
“The aim is expanding coverage, especially to the informal sector, modernising our contribution systems, and strengthening governance and investment management,” President Mahama stated.
He said that retirement security should not be limited to a few. “Our goal is clear. Every Ghanaian worker must retire with dignity, with security and confidence in the pension system,” he added.
The President also announced plans to restructure the Fair Wages and Salaries Commission as part of broader reforms in public sector compensation.
He said the transition will begin this year, with the commission to be replaced by an independent emoluments body.
“As part of our reform agenda, the government has declared 2026 as a year of transition from the Fair Wages and Salaries Commission to a new independent emoluments commission,” he said.
According to him, the new body will introduce a more transparent and evidence-based approach to determining public sector pay.
“The independent emoluments commission will create a transparent, rules-based, and evidence-driven system for setting public sector pay,” he explained.
He added that a national policy will be developed to guide the new system.
“The policy will address pay disparities, harmonise allowances, strengthen performance-based compensation, and align public sector pay with Ghana’s long-term development and fiscal priorities,” he said.
President Mahama also announced plans for a national economic dialogue later this year, with organised labour expected to play an active role.
On housing challenges, he emphasised the need for a national housing dialogue to bring together the private sector, organised labour, and government to develop a social housing policy that ensures affordable housing.
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Source: www.myjoyonline.com