The study examines the challenges and prospects for extending Ghana's Pension Scheme to the Informal sector for small and micro business operators within the Accra business district. Information for addressing the objectives of the study comes from small business operators as well as officials of the Ghana's Social Security and National Insurance Trust (SSNIT). Systematic Random Sampling technique has been employed in selecting small business operator's respondents while purposive sampling technique was used in targeting relevant SSNIT officials for their views on the study. Both interview guide and the questionnaire technique have been used as research instruments while statistical package for social studies (SPSS) has been employed to assist with data analysis. Constraints put forward by the small business operators which have the potential of kicking against their integration into the pension scheme ranged from their low income which will breach regular monthly contribution, frequent prosecution of contribution defaulters, relatively small returns (sometimes less than 10%) on SSNIT investments and the apparent high operating cost of SSNIT. The study further found out that upon membership, small business operator will have access to housing schemes, enjoy monthly pension income after retirement, access first class medical attention and also make good friends of common interest when they join the well-organized Pension Associations. The study recommends to SSNIT to streamline its operations in respect of doing away with contribution default prosecutions, high penalty levies as well as create alternate convenient channels for receiving periodic contributions. This way the Trust will appear attractive and pension friendly for a good number of small and micro business operators to join with their employees.

The article examines the effect of Pension Funds on the emerging economy of Ghana with the search light on the operations of Ghana's flagship Pensions facility. In conducting the study, purposive sampling technique was employed to select senior officials of Social Security and National insurance Trusts (SSNIT) whose job descriptions hinge upon Pension fund investments, operations as well as monitoring and evaluations within the compliance enclave of the organization for their views on the objectives of the study. The questionnaire technique constitutes the main research instrument. The study noted that, like other nations of the world, Ghana feels it an obligation and responsibility to plan for and enable financial security for its elderly citizens and retirees and this is achieved through the establishment and nurturing of the pension fund. Growing the latter entails investing funds in stocks of corporations, buying government bonds as well as influencing infrastructural growth in the health, education and Security including housing sectors of the economy. The study recommended that taking cognizance of the long-term nature of the SSNIT's Pension funds, the economy of Ghana will grow much faster if funds were invested in heavy Transport projects, more Utility projects and world class Communication projects. This will not only accelerate the rate of economic growth but also help ease pressure on government employing scarce tax revenue towards undertaking such badly needed developmental but capital-intensive infrastructure and social amenities.