Ghana: Ghanaians Urged to Save for Retirement

Chief Executive Officer of one of Ghana's leading pensions administrators, Negotiated Benefits Trust Company (NBC Ghana Trust), William Asiedu Yeboah has charged Ghanaians to take pension serious and reduce the burden on their children and family members.

"It has become increasingly important to save for retirement, because every working individual will retire one day. Workers need to plan towards retirement to enjoy their old age and minimise the burden on their children and family members," he said.

The NBC Ghana Trust CEO made the remarks while sharing his thoughts on pension schemes in the country.

According to him, the dominant pensions institution, Social Security and National Insurance Trust (SSNIT) has done a lot to refresh their services, the members and citizens have responded in a very passive manner.

Additionally, he said, the "private service providers have been active in bringing their expertise to the industry," hence workers, especially those in the informal sector need "to retire right by investing in pension schemes to enable them enjoy their retirement".

"Retirement is something we all need to consider and start planning as soon as we start working. The little we invest today towards our retirement can change our lifestyle, and the benefit of time in a stable economy is an opportunity we must not ignore," he said.

He noted that the pension reforms made room for all working citizens and it was time to bring into focus citizens in the informal sector.

Touching on the competitiveness of private sector players, Mr Yeboah stated that there were several players in the industry adding that this has "brought some high level of competition. Although the Ghanaian market is quite small, it has a lot of potential due to the large informal sector workers, who are yet to be serviced under our financial inclusive policies".

He stressed that NBC Ghana Trust was positioning itself to enhance customer service and the use of digital space in the pensions industry.

Mr Yeboah noted that all pension fund administrators currently operating within the country have similar products and services, however, "what distinguishes us is our system capabilities, our proactive culture that has successfully pioneered new products and services and set the benchmark by which our competitors measure themselves. The company will keep investing in its systems with trending technology to ensure that clients are satisfied".

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