Employment Ministry denies creation of new pensions ministry

The Ministry of Employment and Labour Relations has dismissed reports claiming that the government has created a new Ministry of Pensions.

In a statement, the Ministry clarified that no new ministry has been established and urged the public to disregard media reports and social media posts suggesting otherwise.

According to the Ministry, President Nana Addo Dankwa Akufo-Addo‘s directive only assigns oversight responsibility for the National Pensions Regulatory Authority (NPRA) and the Social Security and National Insurance Trust (SSNIT) to the Minister for Employment and Labour Relations, Ignatius Baffour-Awuah.

The Ministry explained that the assignment is an additional responsibility and does not amount to the creation of a separate ministry or a new ministerial appointment.

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It further noted that Mr Baffour-Awuah remains the substantive Minister for Employment and Labour Relations.

The statement also explained that the National Pensions Act, 2008 (Act 766), envisages that pensions should be supervised by the minister responsible for labour rather than the Finance Minister.

According to the Ministry, although responsibility for pensions was transferred to the Ministry of Finance during a previous administration, Section 13 of Act 766 requires the minister responsible for pensions to consult the Finance Minister on certain matters, making it inappropriate for the Finance Minister to hold both roles.

The Ministry said the latest directive corrects that administrative anomaly by formally returning oversight of pensions to the Employment and Labour Relations Ministry.