Accra: Pension coverage among informal sector workers in Ghana increased from 13.2 per cent in 2024 to 16.7 per cent in 2025, the Financial Stability Review 2025 has revealed.
According to Ghana News Agency, the Review attributed the increase to intensified public education campaigns, improved enrolment strategies, and the introduction of flexible pension products tailored to self-employed workers. The report indicated that this growth formed part of broader reforms aimed at strengthening the sustainability of Ghana's three-tier pension system and expanding access to retirement savings opportunities.
The report highlighted that the pensions industry recorded strong performance in 2025, with total assets under management rising to GHS108.88 billion, representing a 26.3 per cent increase over the previous year. The expansion of private pension schemes, particularly Tier Two and Tier Three funds, contributed significantly to the growth, supported by improved employer compliance and increased contribution inflows.
The National Pensions Regulatory Authority established a dedicated directorate to implement its micro pensions policy to enhance participation in the informal sector. This initiative focused on education, sensitisation, and advocacy programmes to increase awareness and uptake of pension products among informal workers, who constitute a significant portion of Ghana's labour force.
Efforts to leverage digital platforms to simplify enrolment processes and improve access to pension services, particularly for workers in remote and underserved communities, were also highlighted. Despite the progress, the Review acknowledged challenges in extending pension coverage across the informal economy, including income variability among workers and limited awareness of the benefits of long-term savings.
The Review stressed the importance of sustained stakeholder collaboration, policy support, and innovative financial solutions to deepen pension penetration and improve retirement security. It emphasised that expanding pension coverage, especially within the informal sector, was critical to strengthening social protection systems and ensuring long-term financial stability.