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PRESENTATION

COVERAGE EXTENSION TO THE INFORMAL ECONOMY

“GHANA’S EXPERIENCE”BY

NTHC TRUSTEES LIMITEDMANAGER’S OF THE SSNIT INFORMAL SECTOR FUND

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CONTENTCONTENT

Background Information.

Country Information.

Informal Economy Market

Market Structure.

Challenges.

Recommendations.

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Background InformationBackground Information

• SISF established by SSNIT in May, 2005

• NTHC Trustees Manager’s of the Fund

• In December 2008, The National Pensions 2008 (ACT 766) was gazetted.

• This is referred to as the Three-Tier Pension Scheme

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What are the objectives of the What are the objectives of the

New Pension Scheme?New Pension Scheme?

For better fund management.

To provide pension benefits that will ensure retirement income security for workers.

To ensure that every worker receives retirement benefit on time.

Investment income generated by the pension scheme in which contributions accumulated are tax exempt.

Provision of Healthcare Premium for all Contributors.

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Country InformationCountry Information

Stable democratic country since 1992

Real non-oil GDP growth for 2015 is forecast at 3.4%

Population estimated at 27.7 million

Working population is about 17.8 million

Dependant population is about 9.9 million

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Informal Economy Informal Economy

• Origin of the informal Sector

• Structural adjustment programme in the mid 80’s

• Percentage of the working population

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Market StructureMarket Structure

• 20% from the formal sector

• 80% from the informal Sector.

• Funds under management as at June, 2015

Ghana Cedis US Dollars Namibian $GHS 72 Million USD 18.4 Million N$ 233.6 Million

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ChallengesChallenges

• Cultural / Religious issues• Politicized issues• Past experiences with defunct institutions• Economic situation.• Decongestion exercise.• Fire outbreaks.• Growing numbers of our clientele base vi-sa-vi field staff

strength

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RecommendationsRecommendations

• Management Commitment.

• Selecting the right personnel.

• Training programmes.

• Software

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Thank you Thank you and and

God Bless youGod Bless you