Ghana’s pension industry conducted specialized training for fund managers and trustees as assets approach GH¢100 billion, though actual deployment into private equity remains minimal despite expanded regulatory limits.
Impact Investing Ghana organized a four-day workshop through the Pensions Industry Collaborative to strengthen the ability of pension professionals to evaluate and invest in alternative assets including private equity, venture capital and infrastructure projects. The initiative addresses a pension system that has expanded substantially in size but continues to concentrate holdings in government debt instruments.
Total pension assets are expected to reach approximately GH¢100 billion by the close of 2025, rising from GH¢78.2 billion recorded in mid-2024. Traditional investment patterns show roughly 75 percent of those assets directed toward government securities, a positioning that created vulnerability during Ghana’s Domestic Debt Exchange Programme. The National Pensions Regulatory Authority responded by revising investment guidelines, increasing the ceiling on alternative investments to 25 percent from 10 percent, which could potentially make as much as GH¢25 billion available for non-traditional asset classes.
Adoption of alternative investments has proceeded slowly, primarily due to insufficient expertise and governance questions within pension schemes. Amma Lartey, chief executive officer of Impact Investing Ghana, emphasized during opening remarks that “profitably unlocking pension funding is a shared goal for the country.” She described the workshop as a critical step toward aligning Ghana’s pension capital with inclusive growth and sustainable development objectives.
Building technical knowledge among decision-makers represents a necessary foundation before pension funds can transition meaningfully into private markets, according to Lartey. Yaw Osei Tutu, strategic partnership manager at Impact Investing Ghana, noted that accessing pension capital was essential to long-term economic growth, especially for sectors facing difficulty securing long-dated financing. Institutional investors require practical instruments to direct funds toward infrastructure, agriculture and small and medium-sized enterprises, he stated.
The workshop took place from November 18 to 21 at Atimpoku-Juapong and gathered 27 pension fund managers and trustees. Programming concentrated on developing private equity and venture capital strategies, comprehending asset allocation across different risk profiles, and constructing diversified portfolios.
Hamdiya Ismaila, founder and chief executive officer of Savannah Impact Advisory, and Stephen Antwi-Asimeng, an investment banking and private capital specialist with over three decades of experience, led the sessions. Participants engaged with case studies simulating real-world investment decisions, including due diligence procedures on private equity funds, preparation of investment memoranda and negotiation of governance rights.
Facilitators indicated that the case studies revealed to participants the depth of analysis necessary before committing pension assets to illiquid investments. Trustees particularly emphasized information rights and governance safeguards, demonstrating increased risk awareness following recent losses on government debt holdings.
The training coincides with signs of recovery in private capital markets across Africa. Private equity deal value on the continent is forecast to reach approximately US$900.8 million in 2025, propelled by sectors including fintech, agriculture and renewable energy. Venture capital activity increased 11 percent in the first half of the year, with clean technology, artificial intelligence and fintech representing nearly two-thirds of deal volume.
Ghana’s pension funds have not yet assumed a significant role in the market despite these broader trends. Workshop observations indicated that while understanding of private equity and venture capital is advancing, most funds have not fully implemented alternative investment programs. Participants also observed that fund managers need to better demonstrate the performance and impact of underlying investee companies to secure pension fund confidence.
Feedback from the program revealed measurable progress. Approximately 35 percent of participants reported having little knowledge of private equity and venture capital before the training, while a majority described themselves as knowledgeable or extremely knowledgeable afterward. Nearly nine in ten participants rated the quality of the sessions as excellent.
Organizers stated that continuous training would be necessary to convert regulatory flexibility into actual capital flows. Recommendations included extending future programs to allow deeper coverage of deal structuring, risk management and governance frameworks. Ghana’s pension system currently stands at a crossroads, with large and growing pools of long-term capital on one side and a real economy requiring patient financing on the other. Bridging that gap will depend less on regulatory rules and more on professional skills, according to industry participants.
