Mr Omar Seidu, the Head of Demographics Statistics at the Ghana Statistical Service, has urged government to prioritize issues of the aged by leveraging available data to formulate policies on the Aging population.
According to the Head of Demographics Statistics at the Ghana Statistical Service, more 60 plus year olds remain in active employment just for the necessities while close to 75 per cent spend their income on food and accommodation.
Mr Seidu made this known during a panel discussion on ‘Reliable Retirement Planning’ organised by Negotiated Benefits Trust Company (NBC). The discussions centered on the government’s policy directions in ensuring retirement income security for all workers, regulatory and administrative provisions in maintaining safety and reliable pension benefits for contributors in Ghana.
It also has discussions on statistics on the aged population who are 60 plus, their socio-demographic and economic challenges and policies amid measures adopted by service providers in ensuring safety and sound growth of Funds under management.
Mr Seidu opined that nearly two-thirds of the aged population in Ghana depend on agriculture for their livelihoods. He is therefore of the view that, if these older persons spend their old age in farming, then there is a problem.
Making Rightful Investments Before Retirement
Mr Seidu stressed that the active working class must appreciate the discussion on the aged and make rightful investments towards their pension.
“If we do not pay attention to issues that promote the interest of the Aging population, there would be trouble.”Mr Omar Seidu
The statistician averred that many people are anxious of issues of pension because of lack of planning. He stated that pension planning entails many things, including health care, leisure, accommodation, will preparation and investment.
Mr Seidu noted that the government over the years has made some reforms in the form of pension regulations to improve the sector.
“I am impressed with the way the private pension funds had been managed over the years and the reforms put in place by the government.”Mr Omar Seidu
Also contributing to the conversation, Mr Ernest Amartey-Vondee, the Director of Planning, Research, Monitoring and Evaluation at the National Pensions Regulatory Authority, commended Negotiated Benefits Trust Company for its contribution to the development of the pension industry.
The Director of Planning, Research, Monitoring and Evaluation at the National Pensions Regulatory Authority noted that the National Pension Regulatory Authority is in the process of mechanising its regulatory practices to enhance supervision.
Mr William Aseidu Yeboah, Chief Executive Officer at Negotiated Benefits Trust Company Limited, called on industry players to take advantage of the rapid technological advancement to expand operations. He intimated that the industry needs to work together to regain the trust from stakeholders.
Mr Yeboah noted that it was the intention of the company to focus on educating the citizenry on the importance of pension planning to take care of their future.
Meanwhile, Negotiated Benefits Trust Company limited, has launched its Gold Plan product, a personal pension plan.
The new product is expected to cater for the saving needs as well as retirement needs of individual contributors in either the formal or informal sectors.