Financial expert Paul Kofi Mante has disclosed that 96% of Ghanaian pensioners live on GH¢5,000 or less each month, highlighting deep concerns about retirement preparedness and economic security for the elderly. The statistic underscores the urgent need for enhanced pension planning and financial literacy, as many retirees face rising living costs with limited income. The revelation is prompting calls for policy reform to strengthen Ghana’s pension systems and ensure dignified retirement for future generations.
At the 2025 edition of the Money Summit organized by the Business and Financial Times (B&FT), Paul Kofi Mante, Managing Director of EDC Investment Limited, raised urgent concerns about the state of pensions in Ghana, revealing that a staggering 96% of pensioners receive GH¢5,000 or less per month.
Speaking as a panelist during a session focused on investment and retirement planning, Mr. Mante described the current pension reality as deeply worrying. He disclosed that out of the over 2 million Ghanaians aged 60 and above, fewer than 300,000 are enrolled on the Social Security and National Insurance Trust (SSNIT) monthly pension scheme.
“This is a national crisis we can no longer ignore,” Mante emphasized. “We’re talking about a system where only a fraction of our elderly population is covered, and even for those who are, 96% are living on GH¢5,000 or less. That’s not retirement security – that’s a ticking time bomb.”
He added that the situation reflects broader income challenges within the Ghanaian economy, where low wages ultimately translate into meager pensions. “Low income today equals low pension tomorrow,” he said.
Mr. Mante also highlighted that with increased life expectancy and rising healthcare costs, the financial burden on retirees is heavier than ever. “People are living longer, but without adequate financial buffers. Retiring at 60 and living till 90 means 30 years without a salary. How are we preparing for that?”
He urged Ghanaians to consider both traditional and alternative investment options to supplement retirement income, stressing the importance of financial literacy and long-term planning.
In a powerful anecdote, he recounted how a mathematics teacher he had once mentored went from skepticism to success, now earning GH¢75,000 monthly in investment income, through disciplined investing and capitalizing on opportunities others ignored during times of economic uncertainty.
Mante’s remarks stirred strong reactions from the audience, with many agreeing that urgent reform and individual financial action are needed to address the pension gap.
Last Updated on April 30, 2025 by Senel Media
