Chief Risk Officer at First National Bank, Samuel Acquah, has raised concern over a growing disconnect between Ghanaians’ expectations of retirement and the stark realities many retirees are facing.
Speaking during a recent engagement, Samuel Acquah stated that retirement is no longer the secure and peaceful chapter many envision, but instead has become a challenging adjustment period, marked by emotional, psychological and financial hurdles.
“Retirement, for many, hasn’t materialised the way they imagined. Beyond financial shortfalls, retirees are grappling with a deeper emotional and psychological reckoning, the realisation that the life they planned for is not the one they are living.”
Though Ghana boasts a Three-Tier Retirement planning system, recent studies show that a large proportion of workers, especially in the informal sector, still rely on informal planning methods, and this leaves them vulnerable to insufficient retirement income and the inability to cope with age-related expenses.
Many pensioners attribute poor planning to low incomes during their working years, while others point to lack of access to accurate information about retirement.
Samuel Acquah warned that traditional assumptions about retirement, such as financial security, stability and dependence on adult children for support are increasingly outdated.
“While it is not a uniquely Ghanaian issue, the severity of the disconnect between expectations and reality must prompt action within the financial industry,” he stressed.
According to Samuel Acquah, many retirees today are continuing to work well past their intended retirement age, not out of choice, but out of necessity.
Others are dipping into their retirement savings earlier than expected, often to handle unexpected expenses or support extended family members, compromising their financial freedom.
“This reality calls for a shift in how we talk about and plan for retirement. We need to reframe retirement planning, less about idealised visions and more about realism, adaptability and sustainable long-term goals,” Samuel Acquah advised.
He called for enhanced public education on financial planning, beginning as early as possible. He also identified the importance of flexible strategies that adjust to life events, changing economic landscapes, and evolving family structures.
“Retirement is no longer a final destination but it is a dynamic new chapter. We must have honest discussions and create workable solutions to make it a fulfilling stage of life,” he said.
In response to the growing challenge, Acquah assured the public that First National Bank is stepping up with targeted financial products to meet these needs.
“We’ve developed fit-for-purpose products like our Fixed Deposit and Flexi-Fixed Deposit accounts, which offer competitive interest rates to help customers build wealth steadily and securely.”
He added, “Whether someone is starting early or playing catch-up, our products offer both stability and flexibility, key elements for achieving financial freedom in retirement.”
Acquah concluded by reiterating the bank’s commitment to supporting Ghanaians through their financial journeys: “We believe the only way to make retirement dreams a reality is through a realistic, proactive approach and First National Bank will be right there with our customers every step of the way.”
