April 2025
30Apr

96% of Ghanaian pensioners live on GH¢5,000 or less monthly – Paul Kofi Mante

At the 2025 edition of the Money Summit organized by the Business and Financial Times (B&FT), Paul Kofi Mante, Managing Director of EDC Investment Limited, raised urgent concerns about the state of pensions in Ghana, revealing that a staggering 96% of pensioners receive GH¢5,000 or less per month. Speaking as a panelist during a session focused on investment and retirement planning, Mr. Mante described the current pension reality as deeply worrying. He disclosed that out of the over 2 million Ghanaians aged 60 and above, fewer than 300,000 are enrolled on...

April 30, 2025
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March 2025
21Mar

The Causal Influence of Pension on the Participation of Older Workers in the Ghanaian Labour Market

By George Domfe, Kwadwo Opoku & Antoinette Tsiboe-Darko Population ageing has stirred up policy discourse on pension coverage in developing economies. While in most of these countries, a smaller proportion of older persons receive pensions in the form of regular payments from the state, a considerable proportion of them engage in active work to maintain their livelihood. These descriptions are typically true of Ghana. However, it remains unclear in the Ghanaian literature whether the absence of a pension is a...

March 21, 2025
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14Mar

2024 financial services monitor know better do better

By Old Mutual The key objective of the Old Mutual Financial Services Monitor is to provide a deep understanding of the working Ghanaian market, uncovering financial attitudes, perceptions, and behaviour in the informal and formal sectors. What makes Old Mutual’s Financial Services Monitor unique, is that its core objective is to support Old Mutual’s drive to champion the financial well-being of Ghanaians. This is aligned to Old Mutual’s overall purpose of becoming our customers’ first choice to sustain, grow and protect...

March 14, 2025
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14Mar

Ghanaians prioritise savings as economic challenges persist – Report

Amid economic uncertainties and rising financial stress, Ghanaians are shifting their focus towards savings and long-term financial security. The 2024 Old Mutual Financial Services Monitor has revealed a significant decline in the number of people dipping into their savings to cover shortfalls, signaling a growing emphasis on financial discipline. According to the report, only 18% of working Ghanaians used their savings to make ends meet in 2024, a sharp decline from 61% in 2023. This change suggests that more individuals are...

March 14, 2025
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February 2025
10Feb

Youth Climate Council Ghana rejects Parliament’s plan to use carbon funds for MPs’ pensions

The Youth Climate Council Ghana (YCC) has strongly condemned a recent proposal by Parliament to fund Members of Parliament’s (MPs) pension schemes using revenue from the country’s carbon credit market. The youth-led organisation has labelled the move as a direct violation of Ghana’s climate commitments and a dangerous misallocation of resources meant for sustainability initiatives. It has therefore asked Parliament to revoke the proposal and prioritise long-term environmental and economic sustainability over short-term political convenience. According to YCC, diverting carbon finance...

February 10, 2025
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05Feb

Pension funds must be invested beyond Ghana — Ecobank CIO

CHIEF Investment Officer for Wealth and Asset Management at Ecobank, Emmanuel Owusu, has called for room to enable pension fund managers to diversify their investment portfolios beyond the shores of the country. Consequently, he advocated a regulatory shift to allow pension fund managers to explore opportunities in international markets, arguing that diversification was crucial for long-term growth. He was speaking at the 3rd Annual Forecast Dinner and Charter Recognition Ceremony organised by CFA Society Ghana, which brought together financial experts, policymakers...

February 5, 2025
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January 2025
07Jan

Ghana. SSNIT announces 12% increase in monthly pension payments

The Social Security and National Insurance Trust (SSNIT) has announced a 12% increase in monthly pension payments, in line with its annual inflation adjustment. This increment follows consultations with the National Pensions Regulatory Authority (NPRA) and adheres to the guidelines outlined in Section 80 of the National Pensions Act, 2008 (Act 766). All eligible pensioners who were on the SSNIT pension payroll as of December 31, 2024, will receive the 12% increase in their monthly pension payments starting this year. The adjustment...

January 7, 2025
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November 2024
19Nov

Ghana blocks pension funds from offshore investment on currency concerns, sources say

Ghana is clamping down on private pension fund managers who want to invest in offshore assets on concerns it could worsen pressure on its cedi currency, three industry sources told Reuters. After pension reforms in 2010, workers' retirement contributions in the world's number two cocoa producer enjoyed strong growth, buoyed by a tiered scheme that allow private firms to manage some contributions. Assets under management by the pension fund industry were 78.2 billion Ghanaian cedis ($4.93 billion) in June, of which...

November 19, 2024
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October 2024
30Oct

8.1 Million Ghanaian workers not covered by pension scheme – Prof. Abdallah Mashud

The Executive Director of the Africa Centre for Retirement Research (ACRR), Professor Abdallah Mashud, has disclosed that as of last year, 2023, approximately 8.1 million Ghanaian workers were not covered by any form of pension scheme. Speaking on Joy News’ AM Show on Tuesday, October 28, 2024, with Benjamin Akakpo, the renowned social security expert described the situation as problematic. He was discussing the 2024 pension manifesto of the two major political parties: the National Democratic Congress (NDC) and the New Patriotic Party...

October 30, 2024
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23Oct

Ghana. SSNIT partners with academia to shape the future of pensions

The Social Security and National Insurance Trust (SSNIT) has organised a stakeholder engagement forum dubbed the SSNITposium, under the theme "Building a Knowledge-Based SSNIT Scheme", aimed at shaping the future of the SSNIT Scheme. The event brought together experts from academia, professional associations, and the pensions industry to share insights and foster collaboration on improving the Scheme. The Director-General of SSNIT, Mr. Kofi Osafo-Maafo, acknowledged the need for more public engagement and transparency regarding the Scheme. Referring to the International Labour Organization's...

October 23, 2024
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