NPRA Urges SSNIT to Deepen Reforms and Diversify Investments After DDEP

NPRA Urges SSNIT to Deepen Reforms, Diversify Investments After DDEP

The National Pensions Regulatory Authority (NPRA) has called on the Social Security and National Insurance Trust (SSNIT) to undertake comprehensive reforms and aggressively diversify its investment portfolio in the wake of Ghana’s Domestic Debt Exchange Programme (DDEP), which significantly affected institutional investments and pension funds.

In a public statement issued on Monday, the NPRA emphasized that SSNIT must reassess its current strategy and adopt long-term, resilient investment models to protect contributors and ensure the financial sustainability of the pension scheme.

“The post-DDEP economic environment demands bold action and forward-looking strategies. SSNIT must deepen internal reforms, adopt stricter risk management protocols, and diversify its portfolio away from heavy government exposure,” the statement read.

Lessons from the DDEP

The Domestic Debt Exchange Programme—initiated by the government as part of its debt restructuring efforts—saw significant haircuts applied to domestic bond holdings, including those held by SSNIT and other pension institutions. The impact of this move raised widespread concerns over the security of pension funds, prompting calls for greater financial prudence and strategic oversight.

NPRA noted that although SSNIT weathered the initial shocks, the long-term implications on its liquidity and future obligations must not be ignored.

“The DDEP exposed vulnerabilities in SSNIT’s investment structure. Going forward, asset allocation must be balanced with growth-oriented, inflation-hedged, and non-sovereign instruments.”

Calls for Modernization and Transparency

Beyond investment restructuring, the NPRA is also urging SSNIT to modernize its administrative systems, improve operational efficiency, and enhance transparency in how funds are managed.

It recommends the integration of real-time reporting, stronger actuarial oversight, and independent audits to build trust with contributors and reduce administrative overheads.

Additionally, stakeholders are pushing for:

• Greater investment in technology and data analytics

• More exposure to real estate, infrastructure, and private equity

• Regional diversification into non-Ghanaian financial markets

SSNIT Responds

In a brief response, SSNIT management acknowledged the NPRA’s directive and stated that plans are already underway to review its investment policy, strengthen internal governance, and explore alternative assets to boost returns.

“We welcome the NPRA’s recommendations and are committed to a thorough transformation of our operations to secure the future of all pension contributors,” a spokesperson for SSNIT said.

What’s at Stake

SSNIT is the largest pension fund manager in Ghana, responsible for the retirement security of over 1.7 million active contributors and hundreds of thousands of pensioners. With increasing life expectancy and a growing informal economy, ensuring long-term solvency and adaptability is becoming more critical than ever.

Analysts say that without bold reforms, SSNIT risks falling behind global pension fund standards, especially as public trust in pension schemes remains fragile after the DDEP.

As Ghana continues to recover from economic headwinds, the future of pensions—and the dignity of retirees—will depend on how swiftly institutions like SSNIT adapt, innovate, and rebuild trust.