Ghana has a 3-tier pension scheme that includes the following levels:
- Mandatory basic social security scheme
- Mandatory fully funded and privately managed occupational pension scheme
- Voluntary fully funded and privately managed provident fund and personal pension scheme
For a full pension, a worker must have attained 15 years of service by the age of 60 (normal conditions) or 55 (hazardous conditions). Early pensions are available to workers who are 55 years of age and have 15 years of contributions. Overall, the longer your contribution to the workforce, the larger your pension.
There is a lump sum survivors' benefit that is paid out to named survivors. This is not paid out abroad.
Company Pension Plan
Given that few expatriates in Ghana are employed directly by Ghanaian companies, it is likely that you will be covered by your company's local pension plan. Review the details of this plan (eligibility, claim process etc.) with your particular company before departing.
Expat Pension Plans
A few countries have a bilateral agreement with Ghana that allow for years worked in Ghana to count to their State pension. Inquire with your state plan about the particulars.
If your country does not allow for years worked in Ghana to count toward your state pension, there may be an opportunity to buy back time once you have returned to your home country and are once again contributing to the pension plan. Again, inquire with your state plan about the particulars.
Update 9/05/2015
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