SmartPensions targets informal sector workers as People’s Pension Trust, Pan-African launch retirement scheme

People’s Pension Trust Ghana Limited and Pan-African Savings and Loans have teamed up to launch SmartPensions, a new retirement savings plan aimed at reaching Ghana's vast informal sector workforce. The initiative, unveiled at Madina market in Accra, allows self-employed workers such as traders, artisans, and drivers to accumulate retirement savings through daily, weekly, or monthly contributions.

Ghana’s Chief Executive Officer at People’s Pension Trust, Ibrahim Issaka, emphasized that the program aims to challenge the notion that pension savings are only for those in formal employment. "The market trader, the entrepreneur, the artisan and the self-employed person also deserve a comfortable and dignified retirement," he stated.

Jacqueline Dufie Mpare, Managing Director of Pan-African Savings and Loans, explained that the initiative empowers informal sector workers to take charge of their financial independence. She encouraged traders and market women to start saving, no matter how small the initial contribution, as consistency matters more than the amount saved.

Paul Mante, Managing Director of EDC Investments Limited, highlighted the importance of investing saved funds to foster long-term wealth creation. He stressed that while hard work alone is not sufficient for financial planning, SmartPensions offers workers irregular incomes the chance to invest their contributions in line with pension regulations and investment guidelines.

The collaboration between the three institutions seeks to bridge the retirement planning gap among workers outside the formal employment sector, many of whom have historically lacked structured arrangements to secure their financial future.