By PETER MARTEY AGBEKO
It wasn’t long after my first column that my phone buzzed with a message from an old friend. Michael Kwesi Amuakwa, a trusted classmate from my days at St. Augustine’s College, had read the piece and felt compelled to reach out.
After years of friendship, he confided in me, sharing personal documents that spoke volumes about a crisis many Ghanaians are experiencing. For all his years of hard work and prudent savings, he’s left without access to his own money—funds that could make a difference in a time of need and critical health support.
He had the opportunity to stay in Europe after completing his studies but chose instead to return and contribute to the development of Ghana, his homeland,using his engineering skills. Since then, he has diligently served in the water sector, working both in public service and private practice.
Michael, like many others, invested his savings in National Trust Holding Company (NTHC) Limited, Bond Savings & Loans Ltd, and Gold Coast Fund Management Ltd, companies that held a promise of financial growth. Today, he’s been chasing these savings to no avail.
What makes it worse, Michael’s close friends and family also invested at his recommendation. They trusted him, but now their funds are locked up, too. The frustration they feel toward him is palpable, yet he’s as helpless as they are, with his own money still out of reach.
The hardships of Michael and others are but a fraction of a national dilemma facing many retirees. With Ghana’s recent debt restructuring, the financial landscape has shifted sharply, leaving a wave of distress. Each week, it seems, another retiree’s story emerges, underscoring the cascading impact of lost or inaccessible funds on those who rely on them most.
An Agonising Reality for Pensioners
For some perspective, consider the story of Ekyi Quarm, a marketing expert who held top management positions at Guinness Ghana Ltd, Unilever (across multiple countries), Accra Brewery Ltd (ABL), GB Ollivant, and also served as the Chief Operating Officer of the Multimedia Group Ltd.
He made prudent investments in government securities, but the Domestic Debt Exchange Programme (DDEP) has wiped out what was due to him.
Now retired, he recently shared his plight on TV3’s Business Focus, describing how the government’s cocoa bills exchange programme has robbed him of hard-earned savings he planned to rely on in retirement. “I had worked hard and wanted to take it easy in my retirement… but now, I struggle every month to make ends meet,” Quarm explained. His pension alone, no longer covers his essential expenses, and with his health benefits soon expiring, he faces an uncertain future.
Quarm’s situation is not isolated. In his interview, he painfully acknowledged that even if his investments were returned today, the purchasing power would be severely diminished due to currency depreciation. What he once had when the cedi was GHS6 to a dollar is now eroded as it hovers around GHS16. As a result, he has been forced to sell personal assets, making sacrifices he never anticipated, just to cope.
The grim reality for Michael, Quarm, and thousands of others is that these aren’t just financial numbers; they’re lives. Behind every cedi locked in unyielding investment accounts are essential needs going unmet: medication, basic household expenses, and the dignity of an independent, secure retirement in old age.
The Impact of Ghana’s Economic Cleanup
Celebrated entrepreneur Dr. Michael Agyekum Addo, the former chairman of Kama Group, adds yet another perspective. As a self-made business leader who overcame humble beginnings, Addo became a beacon of resilience in Ghana’s business landscape. Yet, even he has not been immune to the financial toll of recent economic policies.
At a recent event, he publicly shared his struggle, detailing how his retirement funds—savings painstakingly accumulated over 30 years—were consumed by the government’s financial sector cleanup. Now in his seventies, he faced mounting overheads that include taxes and utility bills, leaving him barely able to cover his expenses.
Addo’s story is one of remarkable personal achievement, but the toll of losing his savings has shifted the narrative. “The money that I saved to take care of my pension time has been taken over by the banking clean-up,” he stated, emphasising the strain on his once-stable life. His sentiment resonates with the Akan expression, YƐƐbrƐ oo—“we are indeed suffering.”
Sadly, he has passed on. He died on Thursday, 31 October, 2024.
When retirees like Addo, Quarm, and my friend Michael, who represent generations of industriousness and dedication, face financial ruin, we have to ask ourselves: What has gone wrong? How is it that individuals who followed the rules, invested diligently, and contributed to our economy now find themselves empty-handed?
The Urgent Call for Action
It’s time we take a hard look at the plight of Ghana’s retirees and the financial systems they once trusted. These are not mere statistics; these are human lives shaped by years of hard work and disciplined savings, now left adrift in an uncertain economic tide that offers them no lifeline. For these individuals, the promise of a secure, dignified retirement has been stripped away, and they are left wondering what went wrong.
The call for action here is not just an echo of the past but a critical appeal for the present. Our government and financial institutions must adopt a renewed approach that prioritises accountability, transparency, and concrete solutions to help retirees reclaim their investments. Urgent policy adjustments are needed—mechanisms to protect people from losing their lifetime savings due to institutional mismanagement or sudden economic shifts.
If we truly value the contributions of our older generations, then we must put forth the effort to provide them with the peace of mind they deserve. No retiree should be left selling off personal belongings to survive, nor should they bear the anguish of watching their savings devalue as they wait for relief. We owe them the dignity of a retirement that reflects the years they dedicated to building this country.
A Space to Amplify Voices
This space, Pete’s Corner, will continue to highlight stories like Michael’s, Quarm’s, and Addo’s—not just to paint a bleak picture, but to emphasise the urgency of solutions. It is imperative that we push for actions to address these struggles, holding systems accountable and rallying for real change. Through this column, I hope we can transform our collective frustration into collective action.
Soon, we’ll explore what meaningful reform could look like for our retirees and those approaching retirement. If we can make room for their voices in the broader conversation, we’ll be one step closer to ensuring their futures are as bright as the country they worked so hard to build. Let Pete’s Corner be the start of that change, one story at a time.
