Vice President Prof. Naana Jane Opoku-Agyemang has called for a rethink of pension systems across Africa to ensure millions of workers, particularly those in the informal sector, have access to meaningful retirement protection.
The Vice President made the call while opening the 7th APSA Annual Conference at the Kempinski Hotel in Accra, hosted by Ghana’s National Pensions Regulatory Authority (NPRA), where pension regulators, policymakers and industry experts from across the continent are deliberating on building more inclusive and resilient pension systems for Africa.
Prof. Opoku-Agyemang said governments have a responsibility to ensure that citizens who spend their productive years contributing to society do not face uncertainty in old age.
“In our time, one of those responsibilities is to ensure that our citizens do not spend a lifetime contributing to society only to enter old age without dignity and security,” she said.
She noted that millions of Africans work, produce, sell and contribute to economic development, creating prosperity and opportunities for future generations, yet many remain outside formal retirement protection systems.
According to the Vice President, pension systems across the continent currently cover less than one-fifth of the workforce, leaving nearly 85 per cent of workers without adequate formal retirement protection.
She explained that traditional pension structures were largely designed around formal employment relationships with predictable incomes and regular contributions, but Africa’s labour market requires a different approach.
“Many citizens move between occupations over the course of their working lives, and therefore earn irregular incomes. Many combine multiple sources of livelihood or work outside traditional employment structures altogether,” she said.
The Vice President stressed that these realities require innovative pension solutions that recognise informal work and create pathways for workers outside the formal sector to participate meaningfully in retirement savings schemes.
“The choices we make today will determine whether millions of Africans enter old age with dignity and security or not,” she added.
Prof. Opoku-Agyemang also highlighted the role of innovation in expanding pension coverage, pointing to Africa’s ability to leapfrog development pathways in areas such as telecommunications, financial services and mobile money.
She said the continent must leverage similar innovation to develop sustainable retirement systems that respond to the needs of its growing workforce and ageing population.
