Accra – Retirement is often imagined as a season of freedom, stability, and fulfilment. But according to Samuel Acquah, Chief Risk Officer at First National Bank, the lived reality for many Ghanaian retirees reveals a gap between expectation and experience, requiring a fresh approach to financial planning.

Speaking on the theme Redefining Financial Freedom for Retirement, Mr Acquah said while Ghana’s Three-Tier Pension system exists to support workers in both formal and informal sectors, most individuals still rely on informal planning methods that fall short of ensuring adequate retirement income. Many pensioners, he noted, cite low salaries, limited financial knowledge, and poor access to information as barriers to effective preparation.

“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, or supporting extended family members, which erodes the financial freedom they anticipated,” he said.

He stressed that the financial industry must reframe conversations around retirement to focus on 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 further revealed that First National Bank has introduced products tailored to help Ghanaians achieve lasting financial stability. These include its Fixed Deposit and Flexi-Fixed Deposit savings options, which offer competitive interest rates and flexible features to support both early 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 said.

He called for early preparation, emphasising that aligning the dream of financial freedom with the reality of retirement depends on practical, consistent, and informed planning.