First National Bank urges financial planning for secure retirement

Retirement is often envisioned as a time of freedom, stability and fulfilment.

Yet, according to Samuel Acquah, Chief Risk Officer at First National Bank, the lived reality for many Ghanaian retirees reveals a significant gap between expectation and experience, pointing to the urgent need for a more practical approach to financial planning.

Speaking at a financial literacy engagement on the theme “Redefining Financial Freedom for Retirement,” Mr Acquah observed that although Ghana’s Three-Tier Pension system is designed to support both formal and informal sector workers, many individuals still depend on informal planning methods that do not provide sufficient income in retirement.

He noted that pensioners frequently cite low wages, limited financial literacy and inadequate access to information as key challenges preventing them from preparing adequately for life after work.

“Sadly, while retirement is widely assumed to bring stability and financial security, this is not always the case. Many retirees are now working longer than planned, dipping into savings earlier than expected, or supporting extended family members, which erodes the financial freedom they anticipated,” Mr Acquah said.

He stressed that the financial industry must reframe the national conversation around retirement, shifting from mere aspiration to realism, flexibility and long-term planning.

“Retirement is no longer a final destination but a dynamic next chapter. To make it fulfilling, individuals must be equipped to adjust to life events, shifting family roles and changing economic conditions,” Mr Acquah explained.

The Chief Risk Officer revealed that First National Bank has rolled out a number of innovative savings and investment products tailored to help Ghanaians achieve lasting financial stability.

These include its Fixed Deposit and Flexi-Fixed Deposit savings plans, which offer competitive interest rates and flexible withdrawal features to support both early-stage and mid-stage retirement planning.

“At First National Bank, we understand that redefining retirement requires more than talk; it requires actionable solutions. Our products are designed to empower individuals to grow their wealth securely over time and ultimately live their best possible lives after work,” he noted.

Mr Acquah further emphasised the importance of early preparation, adding that aligning the dream of financial freedom with the reality of retirement depends on practical, consistent and informed planning.

 He called on Ghanaians, particularly younger workers, not to postpone retirement considerations but to start laying strong financial foundations today.

“Financial freedom in retirement does not happen by chance. It is built gradually through discipline, commitment and the right support systems,” Mr Acquah added.