Pension Assets Surpass GH¢100bn — BoG

Pension fund assets in Ghana have exceeded GH¢100 billion, providing one of the largest pools of investible capital in the economy, Governor of the Bank of Ghana (BoG), Dr. Johnson Pandit Asiama, has disclosed.

He said the milestone reflects improving macroeconomic stability, a gradual return of investor confidence and the rapid expansion of domestic long-term capital.

Addressing the inauguration of the Steering and Technical Committees for the Bank Listing Project in Accra on Wednesday, February 11, 2026, Dr. Asiama underscored the growing importance of institutional investors in the country’s financial system.

According to him, pension funds are increasingly playing a pivotal role in bank ownership and capital formation.

For instance, he said pension fund assets now exceed GH¢100 billion, making them one of the largest pools of investible capital in the economy. At the same time, he said, the role of markets in the financial system is becoming more pronounced.

He also stated that several of the listed banks already have pension funds holding between 15 and 35 per cent of their equity, demonstrating that domestic institutional investors are willing and able to anchor bank ownership when the right frameworks are in place.

Dr. Asiama explained that the renewed focus on listing banks on the stock market is intended to strengthen transparency and corporate governance, while linking long-term domestic savings to the banking sector.

Listing banks, therefore, is not about transactions for their own sake. It is about transparency, market discipline, and deliberately connecting long-term domestic savings to the banking system in a way that supports sustainable growth, he said during the inauguration of the Steering and Technical Committees Bank Listing Project, in Accra on Wednesday Febaury 11.

He acknowledged, however, that Ghana’s banking sector is diverse, with varying ownership structures that must be taken into account in designing a workable framework.

Dr. Asiama said that this Project also recognises an important reality: Ghana’s banking sector is not homogeneous.

While a number of banks are already listed, many remain wholly or predominantly owned by foreign parent groups, and others are state-linked, he said.

He stressed that any credible listing framework must be adaptable and carefully sequenced to reflect these differences, while upholding strong prudential and governance standards.

“A credible listing framework must therefore be flexible and sequenced, recognising different ownership structures while maintaining high prudential and governance standards. The work before you sits at the intersection of banking supervision, capital markets, financial stability, and monetary policy transmission. As banks become more market-facing, equity prices, valuations, and investor sentiment increasingly influence confidence and behaviour. These dynamics matter for financial stability and for how monetary policy transmits through the economy.

“This is why the composition of these Committees is deliberate. I am pleased that we have brought together leadership from Financial Markets, Financial Stability, Banking Supervision, academia, and key stakeholders. This diversity of perspective is essential to ensuring that market development and financial stability advance together,” he said.

He charged members of the Steering and Technical Committees to deliver a framework that is practical and responsive to local conditions, capable of supporting orderly bank listings while safeguarding confidence in the financial system.

To the committee, he said their task over the coming months is to deliver a framework that is practical, credible, and grounded in Ghana’s realities, one that supports orderly bank listings, strengthens governance, mobilises long-term capital, and preserves confidence in the financial system.

“I encourage you to approach this assignment with rigour, openness, and a strong sense of public responsibility.

“The Secretariat will support you fully, and Management will remain closely engaged as the work progresses. Once again, thank you for your service. I wish the Steering Committee and the Technical Committee fruitful deliberations, and I look forward to the outcomes of your work,” he said.