The Health Sector Occupational Pension Scheme has increased its assets to GH¢6.7 billion, with trustees shifting more investments into equities to reduce concentration in government securities and strengthen long-term retirement security for more than 267,000 members.
The scheme’s assets grew by approximately GH¢1.3 billion in 2025, representing a 25.1% increase, as contributions and investment returns supported the expansion of the fund.
Frederick Mensah Acheampong, Chairman of the Board of Trustees, disclosed the figures at the scheme’s Fourth Annual General Meeting in Kumasi, where he outlined efforts to diversify investments and protect members’ retirement savings against financial market risks.
Established in 2013 with an initial asset base of GH¢2,000, the scheme’s growth highlights the increasing pool of pension capital available for investment in Ghana’s financial markets.
A key development in 2025 was the reduction in the scheme’s exposure to government securities, which accounted for 72.2% of its investment portfolio at the end of the year, falling below 75% for the first time in several years.
At the same time, the share of equities in the portfolio rose to approximately 15.66%, from about 5% in 2024.
Mr. Acheampong said the shift formed part of a cautious diversification strategy informed partly by lessons from the Domestic Debt Exchange Programme (DDEP), which exposed pension funds and other investors to risks associated with concentrated holdings of government debt.
The trustees are seeking to balance improved investment returns with the need to preserve members’ contributions and ensure the fund can meet its future obligations.
Investment decisions, he said, remained guided by the National Pensions Regulatory Authority’s investment guidelines and the scheme’s investment policy statement.
The changing portfolio composition is significant for Ghana’s capital market because pension funds can provide long-term domestic capital for equities and other financial instruments. However, diversification also requires careful assessment of market volatility, investment risks and the timing of members’ benefit obligations.
The scheme’s expanding membership and rising benefit payments underscore the importance of maintaining that balance.
Mr. Acheampong said the fund registered 38,229 new members in 2025, while 854 members exited through statutory retirement, early retirement, death or transfers to other pension schemes.
Total membership reached 267,000 at the end of 2025, representing a 16% increase over the previous year.
The growth in membership strengthens the scheme’s contribution base but also increases its long-term responsibility to deliver retirement benefits as more workers become eligible to access their savings.
Annual benefit payments rose sharply to approximately GH¢116.7 million in 2025, from GH¢26 million in 2021, reflecting the growing scale of payments to eligible members.
Since its establishment, the scheme has paid a cumulative GH¢266 million to approximately 6,351 members.
In 2025 alone, 1,245 members received benefits arising from statutory retirement, early retirement, death and transfers to other pension schemes. Approximately 93% of the total value of benefit payments during the year went to members who retired under the statutory retirement framework.
The chairman said the board would continue to prioritise sound investment decisions, risk management and regulatory compliance to protect members’ retirement benefits.
The scheme’s performance comes as pension funds remain an important source of long-term capital for Ghana’s economy, making the management of their growing assets critical to both retirement security and the development of domestic investment markets.
Its ability to sustain asset growth while meeting rising benefit obligations will depend on investment performance, effective governance and the continued diversification of its portfolio.
