Vice President Professor Naana Jane Opoku-Agyemang has called for urgent pension reforms across Africa, warning that nearly 85 percent of the continent’s workforce remains outside formal retirement protection. This critical situation demands immediate action to ensure the financial security of a rapidly aging population.
The Vice President made these remarks at the 2026 Annual Conference of the African Pension Supervisors Association (APSA) in Accra. She stressed that existing pension systems, designed for predictable incomes and formal employment, fail to address Africa’s diverse labor market. Many workers operate in the informal sector, earning irregular incomes and moving between various occupations.
This issue fits into Ghana’s broader economic narrative of formalizing its large informal sector and enhancing social protection. Ghana, like many African nations, faces the challenge of extending social safety nets to a significant portion of its population. The call for reform aligns with efforts to build a more inclusive and resilient economy.
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.” This stark statistic underscores the urgency of adapting pension frameworks to current demographic and economic realities.
Going forward, policymakers and regulators must focus on designing systems that recognize informal work and create pathways for meaningful participation in retirement savings. The implications are significant for long-term economic stability and social equity across the continent. Decision-makers will need to prioritize legislative and technological changes to achieve these goals.
The Vice President highlighted the need to embrace technology to expand pension coverage and improve service delivery. Digital identification systems, mobile money platforms, and financial technology solutions offer unprecedented opportunities. These tools can enhance efficiency, strengthen public confidence, and reach previously excluded populations.
She also cautioned that pension systems must balance broad coverage with the ability to meet long-term obligations. An unsustainable system, even with wide reach, ultimately fails its beneficiaries. Conversely, a financially sound system that excludes the majority cannot be considered successful.
Public trust is central to the success of any pension system. Citizens must have confidence that their savings are secure and that participation will improve their long-term well-being. Without this trust, efforts to expand coverage will likely falter.
Professor Opoku-Agyemang linked pension reform to Africa’s broader economic integration agenda under the African Continental Free Trade Area (AfCFTA). Increased labor mobility across borders necessitates stronger mechanisms for protecting retirement rights and accumulated benefits. This requires greater cooperation among African countries to ensure portability of benefits.
She outlined four key priorities for African pension systems. These include accelerating pension inclusion, particularly for informal workers, and harnessing technology and innovation. Strengthening cross-border cooperation and promoting awareness, transparency, and accountability are also crucial. These pillars aim to ensure that economic progress benefits all generations.
The APSA conference brought together pension regulators, policymakers, industry leaders, and development partners. Their discussions focused on the future of retirement protection, inclusion, and sustainability across Africa. The Vice President concluded by urging policymakers to ensure that economic progress is shared across generations, emphasizing the importance of supporting those who have contributed diligently to their nations.