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"Trust is the currency of our time," declared IRFA President Geraldine Fowler, addressing the continent's most influential retirement-fund gathering, which kicked off on Monday, 25 August 2025. "We are no longer just custodians of savings - we are catalysts of stability, architects of trust, and drivers of social and economic transformation."
The conference unveiled what Fowler termed "the African paradox": while Africa will house one in four people globally by 2050, making it the world's youngest continent, it simultaneously has the lowest retirement savings coverage globally. This demographic reality presents both unprecedented opportunity and urgent challenge for pension fund leaders seeking member mandate for transformative investments.
Judge Dennis Davis, moderating the panel with characteristic incisiveness, probed industry leaders on their track record of balancing fiduciary duty with societal impact. The response revealed compelling evidence that responsible asset allocation is not philanthropy but sound economics.
Brian Karidza from the Government Employees Pension Fund (GEPF) emphasised that operational resilience forms the backbone of member trust. "Members want to know one thing: will you pay me when payment is due, to the right person, on time, and under any circumstances?" he stated. "When we deliver on this promise consistently, we earn the right to their trust in our investment decisions."
The Ghana Infrastructure Investment Fund emerged as a compelling model for how retirement savings can be strategically channelled into infrastructure development while balancing financial returns with national development impact. This approach demonstrates how transparent communication about investment strategy can build member confidence in non-traditional asset allocations.
Nancy Andrews, IRFA executive member and head of Legal at Discovery EB and Invest, highlighted the collaborative regulatory environment that enables such innovations. "South Africa's policy development framework gives our industry the opportunity to be part and parcel of reforms," she noted. "Our regulators want to hear what we know about reform and how we want to take it forward."
The conference identified three interconnected pillars essential for building the trust necessary to support transformative asset allocation:
Fowler's assessment was candid: while the industry deserves a passing grade for progress, it falls short of distinction. "We need to separate what we have from what we need," she stated. "Clean our house, and then deal with new challenges."
The conference concluded with a clear mandate: pension fund leaders must earn their social license to operate as transformation agents by first demonstrating operational excellence and transparent communication. Only then can they secure the member trust necessary to deploy Africa's pension assets as engines of continental development.
The IRFA 2025 conference issued three specific commitments for industry leaders:
As one delegate noted, "Tomorrow belongs to the people who prepare for it today." Africa's pension fund leaders are preparing not just for tomorrow, but for the decades to come – with member trust as their most valuable asset.