Privately managed pension funds have maintained their robustness in growth over the past four years, with contributions under the tier two and three schemes hitting an all-time high of GH¢8.3 billion at the end of July, this year.
The amount comprises funds accrued in the temporary pensions fund account (TPFA) at the Bank of Ghana (BoG) and total assets under management (AUM) by licensed trustees
Data from the pensions sector regulator, the National Pensions Regulatory Authority (NPRA), showed that of the GH¢8.3 billion, some GH¢2.7 billion, made up of contributions and returns, was still lodged at the TPFA, awaiting transfer to the various trustees.
The data further showed that total accrued contributions in the TPFA for public sector workers, who draw their salaries from the Controller and Accountant General’s Department (CAGD) as at the end of June, this year, stood at GH¢2.2 billion.
GNPC, govt insure oil interests against volatilities
After losing US$220 million to various forms of disasters last year, the government and the Ghana National Petroleum Corporation (GNPC) have learnt their lessons and are now working to insure their shares in the petroleum sector against future uncertainties.
Consequently, the two plan to insure their shares in the Jubilee and Tweneboa-Enyera-Ntomme (TEN) fields with an insurance policy that will cost US$6.38 million.
The policy is expected to serve as a financial buffer for the GNPC’s carried and participating interests (CAPI) and the Government of Ghana’s royalties in the two fields.
It will cover up to US$513.2 million for interruption to oil and gas production on the country’s first two commercial fields.
The prices to be insured for the two fields are US$47.50/ bbl for oil and US$2,750/MMSCF for gas. The total premium payable amounted to US$ 6.38 million comprising of US$5.15 million for CAPI and US$1.23 million for GOG royalty on both fields.