In 2024, Ghana’s pension fund assets surged to GH¢86.23 billion, marking a 39.5% increase from GH¢61.8 billion in 2023, according to the 2024 Financial Sector Report.
This growth was driven by stronger enforcement against employer defaults, increased enrolment, partial clearance of government arrears, and better investment returns.
Private pensions (Tiers 2 and 3) were key contributors, with assets rising by 37.4% to GH¢63.88 billion.
This was due to improved investment performance, higher contributions, and legal enforcement of mandatory Tier 2 payments. Overall membership also grew, supported by better compliance and outreach to informal sector workers through flexible pension options.
The Tier 1 scheme, managed by SSNIT, also saw strong growth. Its assets rose to GH¢22.4 billion from GH¢15.3 billion, aided by returns and government debt payments. Benefit payouts increased to GH¢6.46 billion, highlighting the need for risk management.
Investment patterns shifted, with reduced allocations to government securities (down to 72% from 81.49%) and local government investments.
Meanwhile, investment in market-based options like collective schemes and preference shares rose, along with some interest in real estate and private equity.
