Nana Osei Bonsu, CEO of the Private Sector Federation, warns that Ghana’s third‑tier pension scheme is inadvertently deepening capital shortages for businesses by parking contributions in government bonds instead of private‑sector ventures.
Speaking on JoyNews’ PM Express, Bonsu argued that the scheme’s design earmarked roughly one‑third of pension assets to fuel private enterprise. Yet, fund managers have overwhelmingly invested in treasury bills and bonds—safe but unproductive for industry growth.
“This overreliance on public debt instruments is squeezing long‑term funding for the private sector, keeping credit expensive and hard to access,” he said. Bonsu called for reforms that would steer third‑tier contributions into local companies, lowering borrowing rates through greater competition for capital.
He urged stronger enrolment in the voluntary tier—by government, employers, and workers alike—to expand the capital pool available for business investment. “If pension funds chase real-sector projects, we’ll see interest rates fall and a more dynamic economy,” he concluded.
