HSOPS 2024 Quarter 4 Board of Trustees Meeting with Service Providers
Introduction
The Health Sector Occupational Pension Scheme (HSOPS) concluded its 2024 Quarter 4 Board of Trustees Meeting with Service Providers at Aqua Safari Resort, Ada reflecting on a year of resilience, growth, and strategic advancements. In his opening remarks, the Chairman of the Board of Trustees of the HSOPS, Dr. Derek Amoateng, acknowledged the collective efforts that have strengthened the Scheme and outlined key developments, achievements, and future initiatives.
Acknowledgments
Dr. Amoateng expressed deep appreciation for the leadership, members of the Board, committee heads, and service providers who have contributed to the Scheme’s success. Special recognition was given to individuals and committees that played pivotal roles in investment diversification, operational improvements, and strategic planning.
Key Achievements in 2024
- Investment Growth: HSOPS has solidified its position among the top investors in MTN Ghana, thanks to strategic investment diversification. Additionally, the Scheme made its initial venture into Real Estate Investment Trusts (REITs) through Sentinel.
- Asset Growth: The Scheme’s Assets Under Management (AUM) increased from GH₵3.8 billion to over GH₵ 5 billion, despite economic challenges.
- Improved Benefits Processing: Significant process enhancements have reduced turnaround times (TATs) for claims, ensuring timely payments to contributors.
- Enhanced Public Engagement: The Education Committee’s efforts, including successful webinars and the Annual General Meeting (AGM), have expanded HSOPS’s reach. The focus will now shift toward leveraging social media for greater impact.
- Strategic Plan: The five-year strategic plan was introduced, with a dedicated implementation committee established to ensure its execution.
Future Plans
- Infrastructure Expansion: The Board of Trustees is finalizing plans for a new office building, with construction expected to commence soon. Additionally, expansion to Tamale remains on course.
- Portfolio Diversification: Efforts will continue to reduce over-reliance on government securities, with increased investments in alternative and offshore opportunities.
- Regulatory Engagement: The Scheme will maintain close collaboration with the National Pensions Regulatory Authority (NPRA) to navigate policy changes and safeguard contributors' interests.
- Operational Reviews: All service provider agreements will undergo thorough review to ensure value-driven partnerships.
Challenges & Outlook
Challenges such as contribution delays and unresolved Temporary Pension Fund Accounts (TPFA) persist, requiring collaborative efforts for resolution. The broader economic and political landscape, influenced by Ghana’s recent elections and ongoing IMF engagements, will shape the Scheme’s strategies moving forward.
HSOPS remains committed to financial security for its members, innovation in pension fund management, and continuous improvement in service delivery.
