Databank launches the ‘Databank Thought Leadership Series’

Databank, Ghana’s leading name in investments and financial planning, on Tuesday September 15, 2015, successfully launched the Databank Thought Leadership Series, a think forum that pools together stakeholders from diverse backgrounds to deliberate on issues that are key to the financial wellbeing of Ghanaians.

The maiden edition of the Forum, which took the form of a breakfast meeting, was held at Databank’s Head Office in Accra.

The theme for the maiden edition of the Forum was “The Role of Institutions in Retirement Planning,” and it was made possible in partnership with the Business and Financial Times (B&FT).

The Forum, which pulled together representatives – mainly Human Resource Executives and CEOs – from over 40 institutions in Ghana, also had a four-member panel made up of: Dr. Nii Kwaku Sowa, Board Chairman of National Pensions Regulatory Authority (NPRA); Dr. Ellen M. Hagan, CEO of L’AINE Services, Mr. Kofi Fynn, Managing Director of Petra Trust and Mr. Kojo Addae Mensah, Group CEO of Databank.

During the panel discussion, Dr. Sowa reiterated that retirement planning should not to be taken for granted.

“SSNIT will pay what is due you. But as to whether that what will be enough to sustain the life you are used to will greatly depend on the circumstances surrounding your SSNIT contributions. The fact is that your SSNIT benefit is a proportionate average of your best three months’ salary.

It should therefore not be an utter surprise to realize that your Pension benefits may not be up to the amounts you are used to taking every month. Individuals must plan and plan adequately on a personal level towards their retirement.”

Also speaking at the Forum, Dr. Ellen Hagan threw light on the importance of planning, not only financially, but also psychologically towards retirement. She encouraged institutions to support their employees in planning for the entirety of their retirement.

Focusing on developing an investment culture, Mr. Kofi Fynn encouraged individuals to incorporate active investing in their monthly expenditure.

“Even if it means foregoing an item on your budget, you should, because in a larger sense you are only saving the money for later when you probably would need it the most. Start now. Work at it incrementally and you’ll be glad you did.”

Mr. Kojo Addae Mensah concluded his submission by saying, “Through such forums and more, Databank is re-echoing the message of financial independence and gradually reaching out to every household in Ghana.”

The Forum ended with a note of appreciation from Gillian Hammah, Group Chief Marketing Officer of Databank. Thanking the audience, she reminded Ghanaians to take the issue of retirement planning very seriously.

“We at Databank will keep doing our part by educating people on the subject. Even if it means hosting this forum and several others over and over again, we will until we get the message out there".

Overall, the Forum was very insightful and received very positive reviews from participants. With time, Databank hopes to get more institutions involved and become advocates towards retirement planning and financial independence at large.

Databank wishes to thank all partners and participants for their support of the Databank Thought Leadership Series.

We believe that through such forums, many Ghanaians will be better positioned to achieve financial independence.