…as NPRA boss advocates diversified pension investment
By Kizito CUDJOE and Christabel Danso ABEAM
Labour consultant and Chief Executive Officer (CEO) of Gamey and Gamey Group, Mr. Austin Gamey, has called for a thorough overhaul of the Social Security and National Insurance Trust (SSNIT), urging the state pension manager to rethink its core strategy and governance if it hopes to deliver better outcomes for contributors.
Speaking during a plenary session on ‘Optimising effective pension management to promote sustainable retirement income‘ at the 2025 Money Summit (TMS) in Accra, he said the time has come for SSNIT to re-examine how it operates.
“There must be a complete strategic redefinition of SSNIT’s existing mandate. It must rededicate itself to the purpose for which it was established, build on the progress made so far and clearly define the kinds of partnerships it seeks to pursue,” he stressed.
Mr. Gamey added that the process should include a restructuring of SSNIT’s governance framework, emphasising that the institution’s leadership must comprise professionals with a firm grasp of long-term investment strategy and capacity to deliver tangible value to contributors.
“We need individuals who can drive investments that genuinely benefit contributors, not merely manage funds,” he noted. “There are various forms of investments SSNIT can explore – their resources are not meant to finance government machinery and activities.”
He explained that SSNIT is mandated to invest contributors’ funds prudently and ensure meaningful returns in a manner that allows contributors to benefit directly from the institution’s founding purpose.
The labour consultant observed that several businesses in the country could offer the authority sound returns on investment.
In this context, he asserted that the quality of individuals serving on the SSNIT board is important as they will be responsible for setting objectives and strategies.
His comments come at a time when public trust in pension schemes is under growing scrutiny, with many contributors expressing concern over the transparency and sustainability of retirement benefits.
This year’s TMS, an annual event organised by the Business and Financial Times (B&FT), was themed ‘Optimising investment and pensions management: strategies for sustainable retirement income and economic growth’.
The National Pensions Regulatory Authority (NPRA) Chief Executive Officer (CEO) Christopher Boadi-Mensah, speaking earlier at the session, noted that the domestic pensions industry has grown remarkably since introduction of the three-tier system.
He disclosed that: “Total assets under management (AUM) across the tiers now exceeds GH₡490billion, or approximately US$6billion”.
These funds, he observed, “represent the hard-earned savings of workers across the country, both in the formal and – increasingly – informal sectors”.
Given this, he stated that their primary obligation is to protect these savings, grow them prudently and ensure their availability in retirement.
“Yet we must also recognise that the traditional investment landscape, largely dominated by government securities, is nearing its limits.
“While safe, such instruments often provide limited real returns – especially in an era of inflation, volatility and macroeconomic uncertainty. This is where alternative investments must come into sharper focus,” he said.
These alternative investments refer to asset classes beyond traditional instruments such as stocks, bonds and Treasury bills. They include private equity, infrastructure, real estate, venture capital, green financing and impact-driven instruments such as social housing and agricultural funds.
Mr. Boadi-Mensah stated: “These asset classes, when well-regulated and properly structured, offer a unique opportunity – they allow us to diversify portfolios, manage long-term risks and align pension investments with national development priorities”.
He argued that pension funds are by nature long-term. This, he indicated, makes them ideal for infrastructure financing roads, renewable energy, water systems, rail, digital connectivity and social housing.
“These investments not only provide stable, inflation-protected returns, but also create jobs and enable inclusive growth,” he stated.
He further explained that by supporting venture capital and private equity, pension funds can help fuel Ghana’s entrepreneurship ecosystem, especially in tech, agribusiness and manufacturing.
“This aligns with government’s industrial transformation agenda and helps local enterprises scale,” he added.
