Total Pension Fund Assets in Ghana Surge to GH¢86bn in 2024

Daniel Angate — Tue, 12 Aug 2025 08:31:58 +0000

Ghana’s pension fund assets hit a historic high of GH¢86.23 billion in 2024, marking a sharp 39.5% increase from GH¢61.8 billion in 2023, according to the latest Financial Sector Report on pension activities.

Key Drivers of Growth

The impressive growth was fuelled by stricter enforcement against defaulting employers, expanded enrolment, partial clearance of government arrears, and strong investment returns.

Private pension schemes—Tier 2 and Tier 3—were major contributors, with Assets Under Management (AUM) climbing 37.4% to GH¢63.88 billion, up from GH¢46.50 billion in 2023. This was supported by:

Higher investment yields
Improved contribution rates
Increased compliance through prosecutions for unpaid Tier 2 obligations

The National Pensions Regulatory Authority (NPRA) also intensified compliance measures, driving membership growth across all schemes. Informal sector participation saw steady gains, aided by flexible pension products and public awareness campaigns targeting self-employed workers.

Tier 1 Performance

The Basic National Social Security Scheme (BNSSS), managed by SSNIT, posted strong growth with AUM rising to GH¢22.4 billion in 2024 from GH¢15.3 billion in 2023. This was largely driven by improved investment performance and the settlement of government debts.

Benefit payouts under BNSSS reached GH¢6.46 billion in 2024, up from GH¢5.46 billion in 2023—highlighting the scheme’s growing liabilities and the need for prudent risk management.

Changing Investment Trends

Pension funds reduced their exposure to government securities, which dropped from 81.49% in 2023 to 72% in 2024. Investments in local government and statutory agency instruments also declined from 2.56% to 0.93%.

Meanwhile, allocations to Collective Investment Schemes rose from 1.46% to 3.51%, and investments in Ordinary/Non-Redeemable Preference Shares increased from 2.50% to 5.71%, signalling a shift towards more market-based and equity-focused investments.

Some funds also diversified into alternative assets, including real estate and private equity, in a bid to strengthen portfolio resilience.

source: myjoyonline

Mahama to MMDCEs: Declare Your Assets by July 15 or Face Sanctions

Daniel Angate — Wed, 18 Jun 2025 13:24:35 +0000

In a bold move to reinforce transparency in public service, President John Dramani Mahama has issued a firm directive to all Metropolitan, Municipal, and District Chief Executives (MMDCEs) to declare their assets by July 15, 2025.

Speaking at a nationwide orientation and training program held in Accra on Wednesday, July 18, President Mahama emphasized the need for integrity and accountability at all levels of government.

“You are among those entrusted with the public’s confidence. It is your constitutional duty to declare your assets. I expect each of you to fulfill this obligation by the July 15 deadline,” he stressed.

This mandate is in line with Article 286 of Ghana’s 1992 Constitution, which requires public officials to disclose their assets both upon entering and exiting office. The goal? To maintain the public’s trust and reduce the opportunities for corruption in public service.

Also Read: Parliament Summons Muntaka and Jinapor Over Tragic Drowning of Lawra SHS Students

Since taking office in January 2025, President Mahama has made asset declaration a cornerstone of his anti-corruption drive. His administration has already ensured that presidential appointees comply with this legal obligation.

He didn’t mince words when addressing potential defaulters:

“Those who fail to comply will face consequences, just as others have before them.”

This renewed focus on accountability in governance sends a strong message—not just to MMDCEs, but to all public officials—that the era of turning a blind eye to ethical lapses is over.

Why Asset Declaration Matters

Declaring assets helps detect unexplained wealth, holds leaders to ethical standards, and builds public confidence in leadership. It also aligns Ghana with global best practices promoted by institutions like the United Nations Convention Against Corruption (UNCAC).

For everyday citizens, it’s a sign that leaders are being held to the same rules they set for the rest of the nation. And for Ghana’s democracy, it’s another step toward stronger, more transparent governance.