By Hassan I. Conteh
About 91 officials comprising five countries in West Africa are benefitting from a specialized course training on retirement planning and management of social security funds and other areas.
The one week training commences on Monday 24, July at Brookfields hotel in Freetown, Sierra Leone’s capital.
West African Institute for Financial and Economic Management (WAIFEM) consists of key member countries (Sierra Leone, The Gambia, Liberia, Ghana and Republic of Guinea) in the sub-region.
The ECOWAS countries have been organizing similar human capacity-building trainings for members on policy formulation and implementation.
With 27 years of existence since July 22 1996, WAIFEM has equipped 35,000 personnel from these West African countries and beyond, the institution confirms.
Owing to its relevance and global recognition for its outstanding performance in financial and economic management issues, WAIFEM’s wingspan has expanded, over the years, beyond the region.
Latin America countries have seen the need to become member states of WAIFEM. The institution is becoming now a global-regional economic bloc, joining financial leading players in the world with the key and keen ambition to recording more successes in the future.
“Let me commend West African Institute for Financial and Economic Management (WAIFEM) for its invaluable contributions to the capacity-building spheres in the sub-region which spans over the decades,” says Crispin Denison-George, Deputy Director General, Governor’s Office, Bank of Sierra Leone.
The program was pegged on three thematic areas: Retirement Planning, Personal Finance Management Skills and Managing New Beginning.
Mr. George emphasized on the importance of why workers must plan and manage their finances well before attaining their retirement stage.
The Keynote speaker, Mr. George said: “Retirement is a significant milestone in people’s lives, and it represents a transition from employees’ working years to a period of leisure, personal fulfillment, and relaxation.”
But, he cautioned attendees, that there are deep uncertainties awaiting employees at such a stage when they would have retired from work.
“As life expectancy has increased and social norms have evolved, retirement now spans several decades from many individuals,” he noted, adding that: “With this longer retirement period, proper planning becomes paramount.”
Being aware of the wrongful assumptions which many people hold of before retirement, Mr. George advised members to be making additional savings and investments in place.
He said there have been some glaring mistakes made by working people who often rely on pension schemes and other social security benefits.
“Many people underestimate the financial requirements of retirement and find themselves facing unexpected challenges,” he told participants at the event at Brookfields hotel in Freetown.
BSL’s Deputy Director, talked participants through on the concept of budgeting and its importance on one’s life and well-being.
“It’s also important to live within your means and avoid excessive debt,” he advised.
Speaking on the journey toward starting a new life after retiring from work, Mr. George said such a new adventure is crucial and must be planned well-ahead.
He said it is always good to first think of setting clear goals, developing a road map of success, and identifying the skills and resources needed to achieving those goals while working toward acquiring them.
Adding that to embrace new experiences, to learn from setbacks, and to celebrate achievements—both big and small, are crucial elements to remember always.
Other dignified personalities holding top positions at the Central Bank of the Gambia, Bank of Ghana, and Central Bank of Liberia also witnessed the event and are expected to gain a lot more of the insightful lectures delivered by experts in management disciplines and retirement planning tips.
The knowledge and experiences shared by experts and senior members from both private and public sectors would positively shape employees’ thoughts, attitudes and behaviours.
Participants’ views and contributions will also serve as guiding principles for attendees. Employees at National Commission for Social Action (NaCSA) and other private institutions in Sierra Leone also made their presence felt at the opening ceremony.
With ninety-one members attending Monday’s event, one of WAIFEM’s focal persons, explains further how the course-teaching program would help impact participants.
“This course provides an excellent opportunity for networking and learning from one another’s unique perspectives,” WAIFEM’s Director General, Dr. Baba Y. Musa, explained.
He also holds a strategic position at the Central Bank of Nigeria.
“We will explore ways to maintain a sense of purpose, stay socially connected, and find fulfillment in various activities and hobbies,” he assured members.
Globally, research works have showed that most people are becoming particularly worried over reaching retirement period in life because of the troubles that retirees usually face at this stage.
Social workers and sociologists are helping people on how they should adapt to the unprecedented changes during retirement periods.
Almost half of Americans worry they won’t have enough money to see them through retirement, according to a 2019 Survey by the Aegon Center for Longevity, as seen on Forbes Advisor.com.
This is understandable fear, considering almost 40 percent of Americans have less than $5,000 in retirement savings, social security’s future keeps growing increasingly uncertain and people are living longer than ever before, 2023 Forbes Media LLC indicates.
Knowing well the challenges that these may pose on West African employees especially WAIFEM members, such initiative to educate personnel on retirement planning, personal finance management skills, and managing new beginnings, is timely and important for the sub-region’s future growth that will bring about investment opportunities and will contribute to employees’ personal development.
On this, Dr. Musa further underscored the relevance on the key areas of focus the training course seeks to achieve.
“It covers all aspects of retirement starting from personal health management, family relations, financial management,” he said. The director continued: “And it is also about how you manage social security funds and how you adjust to life after retirement.”
WAIFEM’s capacity-building activities strive to cover all aspects, ranging from macro-economic management, financial sector management, governance and institutional policy framework.
The ongoing event is expected to end July 28 in Freetown, Sierra Leone, which is hosting four Anglo-phone West African countries and a francophone country, Guinea.