(1) The Agency shall have a governing council referred to in this Act as the "Council".

(2) The Council shall provide policy direction for the Scheme and shall ensure that the functions of the Agency are effectively and efficiently carried out.

(3) The Council comprises

(a) a chairperson;

(b) One representative of each of the following

(i) the Ministry of Finance and Economic Planning, not below the rank of director;

(ii) the Ministry of man power Development and Employment, not below the rank of director;

(iii) the Ghana Employers Association;

(iv) the Ghana Securities Industry Association;

(v) the Ghana Association of Bankers;

(vi) the Ghana Insurers Association; and

(vii) Organised Labour;

(c) two other individuals representing the informal sector, one of whom shall be a woman; and

(d) the Administrator of the Agency.