The Chief Executive Officer of Axis Pension Trust, Mr. Afriyie Oware, has called for reforms to Ghana’s pension system to enable workers to transfer their pension rights seamlessly between the CAP 30 pension scheme and the Social Security and National Insurance Trust (SSNIT) scheme.
According to him, the absence of a portable pension framework limits labour mobility and discourages workers from moving between sectors because accrued pension benefits cannot be transferred across the two schemes.
Speaking in an interview on the sidelines of the 2026 Pension Strategy Conference in Accra, Mr. Oware said introducing pension portability would allow employees to retain the value of their accrued benefits when changing jobs.
The conference was held under the theme, “Renewing the Ghanaian Pension Promise: Promoting Confidence, Resilience and Sustainable Growth.”
Mr. Oware explained that workers employed under institutions covered by the CAP 30 pension arrangement face significant challenges when transitioning to organisations operating under the SSNIT scheme.
“If you work in an organisation covered by CAP 30 and decide to take up employment with a company under the SSNIT scheme, your benefits cannot be transferred, meaning you must start afresh under SSNIT,” he said.
To address the challenge, he proposed the introduction of a portability or convertibility mechanism that would assess the pension credits accumulated by workers and allow those benefits to be recognised under a different pension scheme.
Such a framework, he noted, would provide greater flexibility within the labour market while protecting workers’ retirement savings and long-term financial security.
Mr. Oware pointed out that Article 37 of Ghana’s Constitution requires the State to establish pension arrangements that provide retirement income security for workers through contributions from both employers and employees.
However, he expressed concern about the structure of the CAP 30 pension scheme, describing it as largely dependent on government financing through the Consolidated Fund rather than direct contributions from beneficiaries.
According to him, the arrangement creates fiscal vulnerabilities because pension payments may be affected when government finances come under pressure.
“If government is broke, it may decide to deprioritise pension benefits,” he cautioned.
Beyond portability, the Axis Pension Trust CEO advocated reforms to the contribution structure of the SSNIT scheme to improve retirement outcomes for workers.
He argued that pension contributions should be calculated based on employees’ gross salaries rather than their basic salaries, saying the current method reduces the amount contributed towards retirement savings.
Mr. Oware also proposed an increase in pension contribution rates to strengthen retirement income adequacy and ensure workers receive better benefits after retirement.
He noted that the existing contribution formula and rates limit the accumulation of pension savings over an employee’s working life, ultimately affecting the level of benefits available during retirement.
The call comes amid growing discussions among pension industry stakeholders on how to strengthen Ghana’s retirement system, improve sustainability and expand social protection coverage for workers in both the public and private sectors.
Industry experts have increasingly highlighted the need for reforms that enhance confidence in pension schemes, improve portability and ensure retirement benefits remain adequate in the face of rising living costs and demographic changes.
Mr. Oware said reforms aimed at making pension benefits more flexible and sustainable would not only improve retirement security but also support a more dynamic labour market where workers can move freely between employment opportunities without losing accumulated pension rights.
