Ms. Adjei spoke at the 2025 Money Summit in Accra, where she discussed improving pension management to ensure better retirement income. She noted that SSNIT raises pensions annually. However, she emphasized that a worker’s salary during their career is a crucial factor in determining retirement income.
“A better pension also depends on one’s salary,” she stated.
SSNIT adjusts pensions yearly to help retirees maintain their purchasing power. This annual adjustment protects retirees from inflation and the loss of value over time. Ms. Adjei mentioned that many pensions increase by over 100 percent within five to six years. For example, a pension that starts at GH₡1,000 can rise to GH₡2,000 or GH₡3,000 relatively quickly.
She also observed that many workers focus more on allowances than on contributions. Most employees pay pension contributions based on their basic salary. When they retire, they lose the allowances but receive pensions calculated only from their declared basic salary.
SSNIT aims to increase pensions through strategic investments, although some challenges have affected returns. These challenges have led current management to shift investment priorities. In earlier years, strong reserves enabled pension increases of up to 85 percent. However, with a growing number of retirees now drawing pensions, such large increases are harder to sustain.
Ms. Adjei reiterated that better salaries lead to better pensions upon retirement:
“Your pension is directly tied to your declared salary,” she explained.
Dr. Francis Sapara-Grant also spoke at the summit, addressing early investment and retirement planning. He urged young professionals in Ghana to start contributing early to ensure long-term financial security.
The theme of this year’s summit was “Optimizing Investment and Pension Management for Sustainable Income and Economic Growth.”
Dr. Sapara-Grant emphasized the importance of long-term financial planning, especially in light of perceived instability within the retirement system. He stressed that effective retirement planning takes time and should include measures that combat inflation while ensuring stable income.
He also encouraged diversification beyond traditional pension schemes to enhance financial security during retirement:
“Retirement income planning requires various investment instruments,” he said, suggesting real estate, mutual funds, agriculture, and annuities as viable options for creating multiple income streams in retirement.
