Corporate Governance and Performance of Pension Funds in Ghana: A Mixed-Method Study

Isaac Akomea-Frimpong, Emmanuel Tenakwah, Emmanuel Junior Tenakwah, Mary Amponsah

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This paper assesses the relationship between corporate governance practices and the performance of pension funds in Ghana, which is an emerging market. Data for this study came from two sources: surveys of pension fund managers and annual financial reports of pension funds. Data analysis techniques include mean score ranking and panel regression. The results showed that corporate governance practices such as upholding the rights of shareholders to know the capital structure of the pension funds, equitable treatment of all shareholders, effective internal controls, and timely supervisory functions of audit committees influence the performance of pensions funds. In addition, ensuring proper board composition, the ethnic and gender diversity of board members affect the success of pension funds in the country. The study indicates that the current challenges facing pension funds in the country include poor investment decisions and market volatilities in the investment market. This study provides insight into the governance practices of pension funds. It is relevant for policies and corporate practices to be strengthened to enhance the performance of the firms.
Original languageEnglish
Article number52
Pages (from-to)1-19
Number of pages19
JournalInternational Journal of Financial Studies
Issue number3
Publication statusPublished - Sep 2022


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