The Board and Advocacy Committee of the CFA Society Ghana is embarking on a Regulatory Roadshow initiative to engage with the regulators in our market.
On Friday, May 26th, 2023, we engaged with leaders of the National Pensions Regulatory Authority (NPRA). The aim of the meeting was to foster collaborations that would benefit regulators, CFA Society Ghana, and the pensions industry, with a strong emphasis on enhancing ethics, market confidence, and professionalism within the sector.
Led by Nana Wiafe Boamah, CFA, the Society’s President, and Jojo Bannerman, CFA, Advocacy Committee Chair, our team praised the NPRA leadership for the remarkable growth witnessed in asset quality and the pensions industry over the past decade. We also acknowledged their efforts to safeguard pension schemes during the Domestic Debt Exchange Program (DDEP).
During the productive discussion, we highlighted various programs offered by the CFA Institute and regulatory standards such as the Global Investment Performance Standards (GIPS) and Asset Managers Code (AMC), advocating for their consideration by NPRA.
Deputy CEO, David Amey-Abbey urged professionals, including CFA Society Ghana, to contribute data-driven research and opinion papers capable of influencing industry policies and developing the market.
Jojo Bannerman, CFA, emphasized four globally recognized areas for collaboration between the regulator, CFA Institute and CFA Society Ghana: investor protection, business conduct, market transparency and stability, and the leveraging of digital technologies within the industry. Given the recent restructuring in the banking space and the DDEP, restoring and strengthening the confidence of investors, employers, and individuals in the market is of utmost importance.
Both parties agreed on the significance of having trustees with specialized and generalized knowledge to bridge existing knowledge gaps. It was also acknowledged that updating current structures to handle emergency situations experienced by the industry such as last year’s is imperative. This includes ensuring payments are made at the mark-to-market value or amortized cost where its deemed fit while safeguarding contributors and investors. Additionally, robust pension trust deeds were identified as essential in regulating the withdrawal of pension funds beyond the 10th-anniversary mark, preventing the reduction of investments for other stakeholders.