Pension funds emerge as major force in Ghana’s financial system, BoG Governor says
Ghana’s pension industry has crossed a significant milestone, with total pension assets now exceeding GH¢100 billion, reinforcing the sector’s growing influence on the country’s financial system and economic development.
Bank of Ghana Governor Dr Johnson Pandit Asiama said the rapid expansion of pension funds reflects the increasing role of long-term domestic savings in supporting investment, market stability and economic growth.
Addressing the annual conference of the Africa Pension Supervisors Association (APSA) in Accra, Dr Asiama disclosed that pension assets recorded strong growth over the past year, increasing from GH¢86.23 billion in 2024 to more than GH¢100 billion in 2025. The sector now represents 16.8 per cent of the country’s total financial sector assets.
According to him, the size of pension funds has reached a level where their investment decisions can have a direct impact on financial markets, influencing liquidity conditions, investor sentiment and the demand for financial instruments.
He explained that pension funds have become important sources of long-term capital, with their growing presence creating stronger links between the pensions industry, the banking sector, capital markets and government debt markets.
Dr Asiama noted that unlike many other investors, pension funds are able to take a long-term view, making them valuable contributors to national development and economic transformation. Their ability to provide stable capital, he said, can help cushion markets against short-term volatility when supported by effective risk management frameworks.
The Governor stressed that the relevance of pension systems extends beyond retirement benefits, arguing that their performance has become closely tied to broader financial stability objectives.
He observed that for millions of workers contributing to pension schemes, confidence in the system is built on the expectation that their savings will remain protected and retain value over several decades.
With pension assets continuing to expand across the continent, Dr Asiama called for stronger cooperation among regulators, policymakers and industry stakeholders to safeguard the sustainability of pension systems and ensure they remain resilient in the face of economic and market challenges.
The APSA conference brought together pension regulators, industry leaders and policymakers from across Africa to discuss strategies for strengthening retirement systems and enhancing the sector’s contribution to economic development.
Source: myjoyonline.com
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