The National Pensions Regulatory Authority (NPRA) is calling on the Social Security and National Insurance Trust (SSNIT) to intensify governance reforms and diversify its investment portfolio to safeguard the national pension fund from future economic shocks.

The call follows the fallout from the government’s Domestic Debt Exchange Programme (DDEP), which significantly affected returns on fixed-income investments and revealed the risks associated with over-reliance on a narrow range of assets.

The Domestic Debt Exchange Programme (DDEP) is estimated to have cost the financial sector a whooping GH¢61.7 billion. 

Delivering remarks at the launch of SSNIT’s 60th anniversary celebrations, NPRA Deputy Chief Executive, Victor Azuma Mejida, acknowledged the Trust’s recent strides in expanding coverage and improving administrative efficiency.

Mr. Mejida pointed out that events such as the COVID-19 pandemic and the DDEP exposed systemic weaknesses in the financial sector, a situation that must be corrected.

“Recent economic disruptions underscore the need for a more agile and resilient pensions system,” he said. “The DDEP served as a powerful reminder that even traditionally safe investments carry risk. SSNIT must therefore take steps to strengthen governance, diversify its investment portfolio, embrace innovation, and boost operational efficiency.”

Mr. Mejida emphasized the importance of long-term sustainability, adding: “We must ensure that regardless of economic pressures or fiscal turbulence, our pension systems can fulfil their commitment to contributors and retirees.”