Effectiveness of the Ghana Armed Forces Provident Fund (2010 2020) and Strategies for Enhancing Contributor Benefits

Abstract

This study evaluates the performance of the Ghana Armed Forces Provident Fund (GAF PF) from the perspective of its contributors, focusing on financial performance, benefit accessibility, and management transparency. The motivation stems from the need to understand contributors' satisfaction with the Fund amid ongoing economic challenges and identify potential improvement areas. Using a quantitative approach, data were collected from a sample of 308 contributors, achieving a high response rate of 91.7%. Data were analyzed with SPSS, employing mean score techniques to measure contributors' satisfaction across various performance indicators. The findings reveal that the GAF PF performs well in meeting the primary expectations of its contributors. High ratings in financial performance, benefit accessibility, and transparent management underscore contributors' perception of the Fund as a stable, well-managed entity that has sustained growth and reliability. While satisfaction with benefits received is strong, some contributors expressed a desire for enhanced benefit amounts and expanded services to add further value. The study recommends that the GAF PF addresses operational challenges to improve contributor satisfaction. Streamlining benefit disbursement processes could enhance confidence in the Fund’s responsiveness. Enhanced communication on policy updates and exploring diversified investment options with potentially higher returns could further meet contributors’ expectations. Expanding service offerings to align with evolving contributor needs may also strengthen the Fund's appeal and long-term sustainability as a trusted financial security provider.