Liberia’s National Social Security and Welfare Corporation (NASSCORP), which oversees a robust “Total Reserve” or “Assets Available for Benefits” valued at approximately US$141 million, hosted a delegation from the ECOWAS Parliament’s Joint Committee on Thursday, June 19, 2025.
The visit aimed to facilitate the exchange of best practices in social protection and pension fund management across the West African sub-region.
NASSCORP, a pivotal institution in Liberia’s social security framework and set to mark its 50th anniversary next month, has grown to become the nation’s largest domestic institutional investor.
Director-General DeWitt vonBallMoos outlined the fund’s diverse investment portfolio, which includes significant holdings in real estate, hospitals, agriculture, and shares in various banks.
The corporation has actively channeled funds into national development initiatives, such as contributions to low-cost housing projects and the construction of the Jahmale Diagnostics Center, aimed at enhancing local medical facilities. The scheme currently provides social coverage for over 500,000 individuals in Liberia’s formal sector.
The Director-General highlighted a key area for future development: the need to expand NASSCORP’s coverage beyond the formal sector.
He stated that legislative amendments are necessary to extend social protection to Liberia’s significant informal workforce. While workers contribute 4% of their pay to the fund and employers provide a matching 4% plus an additional 2% for work-related accidents,
Mr. vonBallMoos noted the ongoing efforts to ensure consistent remittance compliance from all employers, including the government. He suggested that criminalising the lack of pension remittances could further bolster adherence.
Chief Financial Officer George Bright discussed the fund’s commitment to long-term sustainability, detailing measures such as viability assessments conducted every five years and an increased withdrawal ceiling of US$350.
Mr. Bright also expressed NASSCORP’s strong interest in collaborating with other West African partners to pool funds for major regional infrastructure investments, particularly in the power sector, which could benefit citizens across the sub-region.
The ECOWAS Parliamentarians’ visit served as a platform for valuable dialogue and knowledge exchange to strengthen social protection mechanisms throughout West Africa.
