Pension funds grow by 18.4% in 2021 to hit ¢39.5bn

Pension funds in 2021 recorded a nominal growth of 18.44% with total asset of about ¢39.56 billion.

This include the basic national social security.

According to the 2021Annual Budget Performance Report, private pension funds (Tiers 2 and 3) reached ¢28.02 billion at the end of 2021.

Private pension funds invested in various approved asset classes with Government of Ghana Securities stood at about 70.0% in 2021.

Total benefits paid by SSNIT in 2021 including pensions, emigration benefits, invalidity pensions, among others stood at GH¢3.63 million.

Meanwhile, the total asset allocation for privately managed funds at the end of 2021 were government of Ghana securities 69.0% ,Local Government and Statutory Agency securities 15.0%, Corporate Debt securities 5.0% and Bank and other Market securities 5.0%.

Others are Collective Investment schemes 3.0%, Ordinary Shares / Non-redeemable Preference Shares 2.0% and Cash Holding 1.0%.

Active contributors however stood at over 1.7 million with contributions received, amounting to ¢3.38 million.

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2021Annual Budget Performance Report