Fidelity Bank Ghana has called for bold reforms to expand pension coverage to Ghana’s informal sector and diaspora communities.
Mr Atta Yeboah Gyan, Deputy Managing Director for Operations & Support Functions, made the call at the 2026 Africa Pension Supervisors Association (APSA) Annual Conference held in Accra.
Addressing stakeholders at the event, he said greater financial inclusion was critical to building sustainable retirement security and unlocking long-term capital for national development.
The conference held on the theme, “Unlocking Informal Sector and Diaspora Pensions: From Financial Inclusion to Sustainable Retirement Security,” brought together policymakers, regulators, pension professionals and industry leaders from across Africa.
Mr. Gyan highlighted what he described as Ghana’s “pension coverage paradox,” where more than 80 per cent of the country’s workforce in the informal sector contributed less than one percent actively to the Tier 1 pension scheme.
“For every 100 Ghanaians working outside the formal sector, whether as market traders, artisans, smallholder farmers, kayayei or commercial drivers, only one is contributing to a formal pension.
“This is not because they lack concern for their future, but because the system, as originally designed, did not adequately reflect their realities, circumstances, or needs,” he said.
Mr. Gyan observed that while Ghana’s pension assets across all three pension tiers was estimated at GH¢114 billion, pension participation had not kept pace with the country’s expanding workforce.
“The work before us is no longer simply about growing pension assets. It is about ensuring that millions of hardworking Ghanaians who currently remain outside the system have access to retirement security through solutions designed around the way they earn, save and live,” he said.
Mr. Gyan noted that remittance inflows from the diaspora reached $7.79 billion in 2025, making it one of Ghana’s most stable sources of foreign exchange.
“If we channelled even 10 percent of Ghana’s annual remittance flows into a structured diaspora pension mechanism, that is nearly $780 million per year flowing into long-term capital for Ghana.
“Over five years, that is close to $4 billion of patient, productive capital that we are currently leaving on the table,” he said.
Mr. Gyan argued that digital remittance platforms provided the infrastructure needed to make diaspora pension contributions seamless and efficient.
He said expanding pension participation in the informal sector would require flexible contribution models that allow individuals to contribute weekly, daily, seasonally or through
lump-sum payments without penalties for missed months, supported by sustained public education to rebuild trust.
Mr. Gyan cited Rwanda’s Ejo Heza voluntary savings programme and Kenya’s mobile-enabled pension solutions as evidence that flexible pension models can significantly improve coverage.
He proposed the creation of a dedicated diaspora pension product supported by regulators, pilot flexible contribution models for informal sector workers through existing mobile money infrastructure, and integrating pension enrolment into Ghana Card registration to make retirement planning more accessible.
Mr Gyan emphasised the role financial institutions in driving pension inclusion, leveraging their customer reach, digital infrastructure and trusted relationships.
He said Fidelity Bank was ready to support both informal sector pension mobilisation and diaspora pension contributions through its extensive customer network, digital banking capabilities and international payment partnerships.
