Pension coverage within Ghana’s informal sector increased to 16.7 percent in 2025 from 13.2 percent in 2024, according to the Financial Stability Review 2025.
The report attributed the growth to intensified public education campaigns, improved enrolment strategies, and the introduction of flexible pension products designed to meet the needs of self-employed workers and other informal sector participants.
It explained that the increase formed part of broader reforms aimed at strengthening the sustainability of Ghana’s three-tier pension system while expanding retirement savings opportunities for millions of workers outside the formal employment structure.
The review showed that the pensions industry recorded strong performance during the year, with total assets under management rising to GH₵108.88 billion, representing a 26.3 percent increase over the previous year.
According to the report, the expansion of private pension schemes, particularly Tier Two and Tier Three funds, significantly contributed to the industry’s growth. Improved employer compliance and increased pension contribution inflows also supported the upward trend.
The report further disclosed that the National Pensions Regulatory Authority (NPRA) had established a dedicated directorate to drive implementation of its micro pensions policy as part of efforts to deepen informal sector participation.
It said the directorate was focused on education, sensitisation, and advocacy programmes to increase awareness and encourage the uptake of pension products among informal workers, who make up a large share of Ghana’s labour force.
The Financial Stability Review also highlighted the growing use of digital platforms to simplify pension enrolment processes and improve access to pension services, especially for workers in remote and underserved communities.
Despite the progress, the report acknowledged that significant challenges remained in extending pension coverage across the broader informal economy.
These challenges include irregular income patterns among informal workers and limited awareness of the long-term benefits associated with retirement savings and pension planning.
The review stressed the need for sustained collaboration among stakeholders, stronger policy support, and innovative financial solutions to deepen pension penetration and improve retirement security nationwide.
It emphasised that expanding pension coverage, particularly within the informal sector, remained critical to strengthening Ghana’s social protection system and ensuring long-term financial stability.
