Mahama directs Finance Minister to lead comprehensive pension review
President John Dramani Mahama has directed the Minister of Finance to undertake a comprehensive review of Ghana’s pension framework, as part of efforts to strengthen retirement security and expand coverage.
The directive, announced during a high-level engagement with organised labour, comes amid growing concerns about the sustainability and inclusiveness of the country’s pension system.
“To address these concerns, I have instructed the Minister of Finance to oversee a thorough review of our pension structure,” President Mahama stated. “Our objective is to expand coverage, particularly within the informal sector, modernise our contribution systems, and strengthen governance and investment management.”
President Mahama noted that despite nearly two decades of pension reforms, a significant portion of Ghana’s workforce remains outside the system—raising questions about its long-term sustainability.
“We cannot ignore the reality that millions of Ghanaian workers are not contributing toward their retirement,” he said. “If we fail to act decisively, we risk deepening the imbalance between contributors and retirees.”
Mahama emphasised that the review will focus on building a more inclusive and efficient system capable of delivering long-term security for all workers.
“Our goal is clear,” he noted. “Every Ghanaian worker must retire with dignity, with security and confidence in the pension system.”
He added that the reform process will involve key stakeholders, including organised labour, to ensure the outcome reflects the needs and expectations of workers across both the formal and informal sectors.
“This is not just a policy exercise,” the President said. “It is a national responsibility to build a pension system that is fair, sustainable, and trusted by all.”
The planned review forms part of a broader government agenda to reform public sector compensation and strengthen social protection systems, as Ghana navigates ongoing fiscal challenges and demographic pressures.
