Private pension funds maintained a strong growth momentum in 2020, a report from the Bank of Ghana has disclosed.
According to the report, total private pension funds, grew by 26.8% in 2020, as compared to 33.4% in 2019.
At the end of December 2020, total private pension funds stood at ¢22.02 billion, as compared to ¢17.36 billion at in December 2019.
The report said the growth in private pension funds was remarkable, given the commencement of the decumulation of private pension funds and the granting of emergency access to pension benefit amid the pandemic.
In 2020, investment of private pension funds was held primarily in the form of government securities, constituting 60.2% of the total.
Pension fund under SSNIT rebounds
Meanwhile, growth of pension funds under the Basic National Social Security Scheme (BNSSS) rebounded in 2020.
From a negative growth in 2018 (-3.5%) and 2019 (-1.2%), pension funds under the BNSSS recorded a growth of 26% in 2020. The growth was mainly due to the settlement of part of government’s indebtedness to the scheme.
At the end of December 2020, total funds under the BNSSS stood at ¢11.35 billion, compared to ¢9.08 billion at the end of December 2019.
The report explained that downside risks to sustained growth in the outlook for the public pension funds include the late payment of contributions, rising outstanding contributions, increasing benefit payments, and weak investment outturn.
Latest Stories
-
Paris Olympic hopes hang in the balance as Ghana’s 4×100 relay team drops baton at World Relays
3 hours -
Western Regional House of Chiefs commends Bawumia for his humility and respect for traditional authorities
3 hours -
#JustTurned18: First-time voters critical to deciding 2024 presidential election
5 hours -
Video: EC lied that the cost per voter in 2020 was $7.7; it was $12.5 – Bright Simons
5 hours -
Former IGP passes on
5 hours -
Ejisu by-election: Kwadaso MP gave money to EC officials out of goodwill – Ahiagbah
5 hours -
Millennium City: Land owner breaks silence on fatal shooting of soldier
5 hours -
Photos of 2024 Aboakyer Festival
6 hours -
#JustTurned18: I now have an opportunity to use my thumb to bring someone into power – Excited prospective voters
6 hours -
OSP acted as a whistleblower transferring Cecilia Dapaah’s case to EOCO – Sammy Darko
6 hours -
IMF calls for tariff adjustment for energy sector cost recovery
7 hours -
Samson’s Take: Journalists, block the pretentious idiots
8 hours -
Real Madrid crowned LaLiga champions after Barcelona’s defeat at Girona
9 hours -
Daniel Otting Awuah elected SRC President of Ghana School of Law
10 hours -
Lawrence Ati-Zigi signs St. Gallen contract extension
10 hours