Ghana's Vice President, Professor Naana Jane Opoku-Agyemang, has called for urgent pension reforms across Africa. She warned that nearly 85% of the continent's workforce remains outside formal retirement protection. This critical message was delivered at the 2026 Annual Conference of the African Pension Supervisors Association (APSA) in Accra.
The Vice President emphasized that Africa must rethink its pension systems. Current structures do not reflect the realities of the continent's labor market. A significant portion of workers operates in the informal sector, earning irregular incomes. Traditional pension systems were designed for predictable incomes and regular contributions from formal employment.
This situation is becoming more pressing due to demographic shifts. Projections indicate that the number of Africans aged 60 years and above will exceed 226 million by 2050. This demographic trend makes pension reform a critical policy issue for governments across the continent. The current systems cover less than one-fifth of the workforce.
Professor Opoku-Agyemang stated, "Current projections suggest that the number of Africans aged 60 years and above will exceed 226 million by 2050. Yet pension systems across the continent currently cover less than one-fifth of the workforce. Nearly 85% of workers are working outside formal retirement protection." She urged governments and regulators to redesign retirement systems. These new systems must recognize the realities of informal work. They should also create pathways for informal sector workers to participate meaningfully in retirement savings and protection schemes.
The Vice President also highlighted the role of technology in expanding pension coverage. She suggested embracing digital identification systems, mobile money platforms, and financial technology solutions. These tools can significantly improve pension inclusion and service delivery across Africa. Data-driven supervision and emerging digital infrastructure also offer unprecedented opportunities for efficiency and public confidence.
On sustainability, Professor Opoku-Agyemang cautioned that pension systems must balance broad coverage with the ability to meet long-term obligations. A system that covers many people but cannot honor its obligations is unsustainable. Conversely, a financially sound system that excludes the majority of citizens cannot be considered successful. Public trust is central to the success of any pension system, requiring citizens to have confidence in the security of their savings.
Pension reform is also linked to Africa’s broader economic integration agenda, specifically the African Continental Free Trade Area (AfCFTA). Increased labor mobility across borders necessitates stronger mechanisms for protecting retirement rights and accumulated benefits. The Vice President stressed the need for continued cooperation among African countries. This includes enhancing the portability of benefits and fostering collaboration between regulators and policymakers.
Professor Opoku-Agyemang outlined four key priorities for African pension systems. These include accelerating pension inclusion, especially for informal workers. Harnessing technology and innovation to improve access and service delivery is another priority. Strengthening cross-border cooperation and benefit portability is crucial. Finally, promoting awareness, transparency, and accountability across pension institutions is essential. The APSA conference brought together pension regulators, policymakers, industry leaders, and development partners to discuss these critical issues.