Vice President Professor Naana Jane Opoku-Agyemang has called for urgent pension reforms across Africa, warning that nearly 85 percent of the continent’s workforce remains outside formal retirement protection.
Speaking at the opening of the 2026 Annual Conference of the African Pension Supervisors Association (APSA) in Accra, the Vice President said the continent must rethink pension systems to reflect the realities of Africa’s labour market, where a large share of workers operate in the informal sector and earn irregular incomes.
According to her, current projections indicate that the number of Africans aged 60 years and above will exceed 226 million by 2050, making pension reform a pressing policy issue for governments across the continent.
“Current projections suggest that the number of Africans aged 60 years and above will exceed 226 million by 2050. Yet pension systems across the continent currently cover less than one-fifth of the workforce. Nearly 85% of workers are working outside formal retirement protection,” she stated.
The Vice President noted that traditional pension systems were largely designed around formal employment relationships characterised by predictable incomes and regular contributions.
“Yet Africa’s labour market is far more diverse and dynamic,” she said, adding that many citizens move between occupations, combine multiple sources of livelihood and work outside traditional employment structures.
She stressed that these realities require governments and regulators to redesign retirement systems to include informal sector workers.
“These realities require us to reimagine old age security by designing systems that recognise the realities of informal work and create pathways through which workers in the informal sector can participate meaningfully in retirement savings and protection schemes,” she said.
Professor Opoku-Agyemang also urged African countries to embrace technology as a tool for expanding pension coverage and improving service delivery.
She highlighted digital identification systems, mobile money platforms, financial technology solutions, data-driven supervision and emerging digital infrastructure as opportunities that could significantly improve pension inclusion across the continent.
“Digital identification systems, mobile money platforms, financial technology solutions, data-driven supervision and emerging digital infrastructure offer unprecedented opportunities to expand coverage, improve efficiency and strengthen public confidence,” she stated.
On sustainability, the Vice President cautioned that pension systems must balance broad coverage with the ability to meet long-term obligations.
“A pension system that covers many people but cannot honour its obligations is unsustainable,” she said.
She added: “Similarly, a pension system that remains financially sound while excluding the majority of citizens cannot be considered successful.”
The Vice President further stressed that public trust is central to the success of any pension system.
“Citizens must have confidence that their savings are secure. Workers must believe that participation will improve their long-term well-being,” she said.
She also linked pension reform to Africa’s broader economic integration agenda under the African Continental Free Trade Area (AfCFTA), arguing that increased labour mobility across borders requires stronger mechanisms for protecting retirement rights and accumulated benefits.
“We must continue to build cooperation among African countries, enhance portability of benefits and foster collaboration between regulators and policymakers to ensure that workers remain protected wherever opportunity may take them,” she said.
The Vice President outlined four key priorities for African pension systems: accelerating pension inclusion, particularly among informal workers; harnessing technology and innovation to improve access and service delivery; strengthening cross-border cooperation and portability of benefits; and promoting awareness, transparency and accountability across pension institutions.
She concluded by urging policymakers to ensure that economic progress is shared across generations.
“Our societies will not be judged so much by how they treated those at the height of their strength and productivity, but more relevant to our story will be how we treated those who worked diligently and contributed substantially to their nations and then needed support,” she said.
The APSA conference brought together pension regulators, policymakers, industry leaders and development partners from across Africa to discuss the future of retirement protection, inclusion and sustainability on the continent.
