Insights from Ghana and the U.S.

Life expectancy and retirement ages offer unique insights into why retirement planning is a critical priority across different countries. According to the Bank of Ghana’s Financial Stability Review, life expectancy in Ghana is 66 years, compared to nearly 80 years in the U.S.

In Ghana, the retirement age is set at 60, meaning most retirees live just seven more years on average. In the U.S., the retirement age is 67, with retirees potentially living for an additional 13 years. This longer post-retirement lifespan underscores the need for robust retirement savings plans, such as the U.S. 401(k) system, which holds $8 trillion in assets—equivalent to 31.5% of the U.S. GDP.

In Ghana, total pension assets stand at approximately GH¢33 billion, or 8.5% of GDP, reflecting a significant gap in retirement readiness. This isn’t just an issue of personal planning; it represents a systemic opportunity for growth. In the U.S., 401(k) plans have not only secured individual futures but have also become a driving force behind the country’s economic engine, surpassing bank assets, which total $6.4 trillion.

How CedisPay Can Lead the Way

CedisPay recognizes that retirement planning is about more than just saving for the future—it’s about holistic financial wellbeing. Here’s how we are positioned to bridge this gap and empower Ghanaians:
• Holistic Financial Wellbeing CedisPay’s Financial Wellbeing Budget App helps individuals take control of their financial lives by offering tools to budget effectively, track savings, and reduce debt. By building these foundational habits, Ghanaians can be better prepared to contribute consistently to retirement savings plans.
• Financial Education and Literacy Many Ghanaians lack awareness of the long-term benefits of consistent retirement contributions. Through tailored educational programs, challenges, and insights, CedisPay empowers individuals to understand the importance of pensions as a tool for wealth creation and peace of mind.
• Accessible Retirement Solutions CedisPay’s innovative products, such as pension-backed loans and customized savings plans, provide flexible options to meet the needs of young professionals and savers. These products ensure that even those with financial constraints can contribute to and benefit from retirement systems.
• Leveraging Technology The CedisPay Financial Wellbeing App integrates retirement planning tools, allowing users to set long-term goals, track progress, and receive personalized recommendations. This tech-driven approach makes retirement planning easier, more engaging, and more impactful.
• Driving Systemic Growth Increased pension savings aren’t just good for individuals—they are an untapped resource for national development. By promoting retirement savings, CedisPay is fostering the growth of Ghana’s capital markets and contributing to the nation’s broader economic resilience.

The Opportunity Ahead

Retirement planning in Ghana isn’t just about extending lifespans or matching global trends—it’s about building a secure and prosperous future for all Ghanaians. By encouraging long-term savings, fostering financial literacy, and providing innovative tools, we can empower individuals and drive systemic growth.

CedisPay is committed to being at the forefront of this transformation, providing Ghanaians with the tools and education needed to take charge of their financial futures. Together, we can turn the challenge of low pension participation into an opportunity for national prosperity.

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