Subject to guidelines that the Board may issue, pension fund and assets shall be invested in any of the following:

(a) bonds, bills and other securities issued or guaranteed by the Bank of Ghana or the Government of Ghana;

(b) bonds, debenture, redeemable preference shares and other debt instruments issued by corporate entities and listed on a stock exchange registered under the Securities Industry Act, 1993, (P.N.D.C.L. 333)

(c) ordinary shares of limited companies listed on a Stock Exchange and registered under the Securities Investment Act 1993 (P.N.D.C.L. 333) with good records, declared and paid dividends in the preceding five years;

(d) bank deposits and bank securities;

(e) investment certificates of closed-end investment fund or hybrid investment funds listed on a Stock Exchange registered under the Investments and Securities Industry Act, 1993 (P.N.D.C.L. 333) with a good record of earning;

(f) units sold by open-end investment funds or specialist open-end investment funds listed on the stock exchange recognized by the Board;

(g) bonds and other debt securities issued by listed companies;

(h) real estate investment; and

(i) other forms of investment, that the Board may determine.