GESOPS Must Account for the GH¢74 Million Paid to Its Board

The Ghana Education Service Occupational Pension Scheme (GESOPS) owes its members a clear explanation of the substantial sums being spent on the administration and governance of their pension savings, particularly the GH¢74.241 million recorded as Board of Trustees' fees in its 2025 audited financial statements.

The issue came into the public domain following concerns raised by a young teacher over alleged increases in expenditure associated with the GESOPS Board. The claim circulating on social media suggested that expenditure had risen from more than GH¢70 million to more than GH¢140 million within a year. However, the audited accounts require the figures to be properly distinguished.

The GH¢140.287 million figure is real, but it was not spent exclusively on the 16-member Board. It represents a combined category covering the Board of Trustees, the scheme's administrator and the independent trustee. Of that amount, GH¢74.241 million was specifically recorded as Board of Trustees' fees. That figure deserves explanation.

In 2024, Board of Trustees' fees were approximately GH¢61.412 million, meaning the amount increased by about GH¢12.83 million in 2025. The increase does not, by itself, establish wrongdoing, but it raises legitimate questions about what changed and what members received in return for the additional expenditure.

GESOPS should therefore provide a detailed breakdown of the GH¢74.241 million. Members deserve to know how much was paid as sitting allowances, committee allowances, travel and accommodation, retainers and other benefits, as well as the number of Board and committee meetings held during the year. The scheme should also explain the basis upon which the fees were calculated and whether the expenditure was within the approved budget and applicable limits.

This demand is not an accusation of corruption or mismanagement. Managing a large pension scheme inevitably involves administrative and governance costs, and trustees may legitimately be compensated for their responsibilities. However, an audited account showing that money was spent does not remove the legitimate question of whether the expenditure was reasonable and provided value for members.

The scale of the expenditure makes transparency even more important. GESOPS recorded approximately GH¢229.89 million in total administrative expenses in 2025, covering fees to the regulator, trustees, administrator, fund managers, custodian and auditors. These are workers' retirement savings, and contributors therefore have a legitimate interest in knowing how much it costs to manage them.

The unions also have an important responsibility. GNAT, NAGRAT, TEWU and the pre-tertiary teachers' unions have representatives within the governance structure of the scheme. Their representatives should be able to explain to members how the expenditure was approved, what remuneration structure applies to trustees and what accounted for the increase between 2024 and 2025.

The public discussion should therefore move away from the inaccurate suggestion that GH¢140 million was spent on 16 Board members. The more precise issue is that GH¢74.241 million was recorded specifically as Board of Trustees' fees, compared with GH¢61.412 million the previous year, while the broader Board, administrator and independent-trustee category amounted to GH¢140.287 million.

GESOPS should also explain whether the increase in expenditure was accompanied by improvements in member services, administration, investment performance or retirement benefits. Such information would help contributors understand whether the additional expenditure produced corresponding value.

Pension contributions represent workers' deferred income and their financial security after years of service. They therefore deserve the highest standards of transparency, prudence and accountability. GESOPS has an opportunity to strengthen confidence in the scheme by simply providing the figures and explaining them.

The demand from workers is straightforward: show how the GH¢74.241 million was spent, explain why it increased, identify the categories of payment and demonstrate the value delivered to members. Their retirement savings deserve nothing less.

The Trial News