Connect with us

Hi, what are you looking for?


Alexander Forbes considering Ghana after pension fund reforms

Alexander Forbes, Africa’s largest independent retirement-fund administrator, is seeking expansion in West Africa after its initial public offering.

“Our dominant focus for growth is Africa and we will follow pension fund reforms in countries like Ghana,” Edward Kieswetter, chief executive officer of the Johannesburg-based company, said today in an interview with Bloomberg TV Africa in the city. “Our default growth model is organic, but at the same time we’re alert to potential opportunities out there.”

Private equity shareholders including Actis LLP are exiting their investment in Alex Forbes, as the Johannesburg-based company is known. The firm plans an initial public offering on July 24 which may value the company at about 10.5 billion rand ($980 million).

Ghana ended its state-owned pension fund monopoly in 2010, boosting stock exchange volumes and the number of money managers in the country.

“Our first focus is sub-Saharan Africa,” Kieswetter said, adding that Alex Forbes favors English-speaking countries.

Nigeria, Zambia and Uganda are among the English-speaking countries planning to change pension fund laws and encourage investment.

Click to comment

More on Capital Business

Executive Lifestyle

NAIROBI, Kenya, Mar 12 – The country’s super wealthy individuals are increasing their holding of bonds, gold and cash, a new report by Knight...

Ask Kirubi

NAIROBI, Kenya, Mar 9 – Businessman and industrialist Dr. Chris Kirubi has urged members of the public to exercise extreme caution when making any...

Ask Kirubi

NAIROBI, Kenya, Mar 24 – Businessman and industrialist Dr. Chris Kirubi is set to own half of Centum Investment Company PLC, following a go-ahead...

Ask Kirubi

It is without a doubt that the COVID-19 pandemic has caught the whole world by surprise. Although its full impact is yet to be...


NAIROBI, Kenya, Jun17 – Kenya’s tea leaves manufacturer Kericho Gold, has been awarded the Superbrands Seal by Superbrands East Africa for their quality variety...


NAIROBI, Kenya, Mar 18 – Commercial Banks have been ordered to provide relief to borrowers on their personal loans, with loans eligible from March...


NAIROBI, Kenya, Apr 13 – As the local telecommunications industry gears up to roll out 5G networks in the country, the Communications Authority of...


NAIROBI, Kenya, Mar 22 – Airtel Kenya is offering free internet access for students in order to enable continued learning at home in the...