The Ghana Broadcasting Corporation (GBC) is in the spotlight as staff raise urgent concerns about the security and transparency of their pension fund. Employees allege that mismanagement and lack of accountability by the employer-sponsored trustees handling the fund could put their retirement savings at risk, sparking fears that hard-earned pensions may be at stake.
The issue centers on GBC’s Provident Fund, a compulsory retirement scheme for employees, managed by trustees appointed by the corporation. Workers contribute monthly from their salaries with the expectation of future returns. However, despite 14 years of deductions, employees say they have received limited information on how their funds have been invested or the current status of their retirement savings.
According to internal sources, the staff have not been provided with annual benefit statements or financial updates required by Ghana’s National Pension Regulatory Authority (NPRA), which mandates transparent fund management. Allegations of unilateral decisions by employer-appointed trustees to shift the fund between different management firms without consulting employees have further raised alarms.
The staff’s frustration is compounded by the fact that, in 2016, they were encouraged to withdraw part of their pension contributions without clarity on total fund balances. While some workers opted to take partial withdrawals, many are now concerned about the overall health and future direction of the fund. Recent reports also suggest that contributions previously managed by Metropolitan were moved to a new firm, Petra, without staff input or communication.
Amid rising tensions, employees are calling for government intervention, urging the President and the Ministry of Information to investigate and provide oversight. Many believe that without immediate action, GBC’s pension fund could face a future crisis, potentially affecting over 1,700 employees who depend on this fund for their retirement security.