(Ecofin Agency) - • CNPS announces asset growth from $40 million in 2012 to $2 billion in 2025
• Nearly half of funds are invested in state bonds, with 35% in listed equities
• Fund aims to finance pensions using investment returns, not contributions

Côte d’Ivoire’s National Social Security Fund (CNPS) announced on Wednesday, May 28, 2025, during the African Development Bank Group’s annual meetings in Abidjan, that it currently manages over 1,000 billion CFA francs ($2 billion) in assets. These funds are spread across various financial product categories.

Of the total, 48% is invested in government bonds, primarily in the West African Economic and Monetary Union (WAEMU) bond and money markets. Another 35% is allocated to equity stakes in companies listed on the Regional Securities Exchange based in Abidjan, especially in the financial sector. The rest is placed in investment funds such as one launched by Amethis and the Africa50 fund, which focus on infrastructure financing in Africa, as well as in unlisted companies.

Back in 2012, CNPS reported negative results and managed just $40 million in assets. Denis-Charles Kouassi, who has led the institution since 2013, outlined the changes that fueled the turnaround. These included new legislation that increased the retirement age by five years and raised the contribution rate from 8% to 14%, reducing pension liabilities while expanding the contribution base. In addition to this resource growth, the fund’s management adopted a more dynamic investment approach.

This evolution demonstrates how African pension funds can mobilize institutional financial resources to stimulate economic activity. CNPS is not alone. Its counterpart in Kenya is also a key national investor, with assets estimated at $3.7 billion as of the end of 2024.

South Africa remains home to the continent’s largest institutional investor, the Public Investment Corporation, which manages over $142 billion in assets.

CNPS aims to follow a similar model. According to its managing director, the fund’s investment strategy is designed to ensure that retiree pensions are paid using returns from accumulated investments rather than relying on contributions from active workers.

This ambition was a recurring theme at the AfDB meetings. Speakers including the Africa Vice-President for the International Finance Corporation and the Director of Nigeria’s Securities and Exchange Commission emphasized the importance of institutions that manage public financial resources. They argued that while mobilizing capital is essential, it is not enough. To effectively finance Africa’s development, public financial institutions must continuously improve their investment strategies, strengthen knowledge sharing, and deepen partnerships.