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NDC to introduce Pension Scheme for informal sector

Flag-bearer for the opposition National Democratic Congress (NDC), John Dramani Mahama has revealed that the next NDC government will introduce a new Pension Scheme for organised group in the informal sector of the Ghanaian economy.

He made this known at the launch of the party’s 2020 Manifesto on September 7, 2020, at the University of Professional Studies, Accra.

President Mahama said “organised groups such as the Cocoa and Cashew Farmers,Driver Unions such as GPRTU, PROTOA and Co-operatives,Ghana Union of Traders Association,Beauticians and Hairdressers Associations, Dressmakers and Tailors Associations,Garages Associations,Artisans Association of Ghana Farmers and Fishermen Associations will be included in the pension scheme when voted into power”

He also said, he will contribute a percentage to any other organised group that participate strongly in the informal sector across the country

“We will contribute a percentage on behalf of any group that participates in the new informal sector scheme”

Speaking on the insurance sector,he said the future NDC government will adopt a Risk-Based Minimum Capital Approach whereby minimum capital will be linked to the risks an insurance company carries instead of the current fixed minimum capital regime.

The Insurance industry has an important role in the economic growth of a nation. One of its main contributions is in facilitating long-term resources as it offers potential avenues to manage and mitigate risk, which increases the long-term investment potential of an economy.

“We shall adopt a Risk-Based Minimum Capital approach for the industry whereby minimum capital will be linked to the risks an insurance company carries, instead of the current fixed minimum capital regime”He said

NDC Manifesto

The manifesto themed the ‘People’s Manifesto: Jobs, Prosperity and more’, is said to address the real needs of Ghanaian.

The manifesto put together by 21 persons within the NDC is divided into six thematic areas: fixing the economy, promoting human development, providing infrastructure for growth, providing decent jobs, good governance and corruption and deepening international relations and foreign affairs.

Paa Kweku Eshun

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