Pensions funds grew by 33% in 2023 to GH¢61.8bn; industry remains healthy – Report

In 2023, the Pensions Industry's Assets Under Management (AUM) grew by 33%, reaching GH¢61.8 billion, up from GH¢46.6 billion in 2022.

This growth was driven primarily by the Private Pension Funds, which saw a 32% increase to GH¢46.5 billion.

Contributing factors included a high participation rate in the government's alternative offer for pension funds, a commitment to meeting payment obligations, and the prosecution of employers defaulting on mandatory contributions.

Public Pension Funds under the Basic National Social Security Scheme also experienced growth, increasing by 26.3% to GH¢15.30 billion, primarily due to the government's payment of contribution arrears.