People retire with nothing in Ghana – Managing Director of EDC

The Managing Director of Ecobank Development Corporation Investments Ltd (EDC), Paul Kofi Mante, during Old Mutual’s ɔbra Pa Retirement Salary stakeholder engagement program held in Accra has ascertained that many people retire without plans to maintain cash flow in their lives.

In expressing his worry, Mr. Mante said, “A lot of people retire and are rich in asset, but poor in cash flow. This means they may have a big house, but they can’t buy food. They may have a big house, but have a medical bill of 5000gh that they cannot pay.”

Mr. Paul Kofi Mante spoke as a panelist on Old Mutual’s ɔbra Pa Retirement Salary stakeholder engagement which was themed “Retiring with confidence; how to live a fulfilled life with a retirement salary”.

Describing Old Mutual’s Ɔbra Pa Retirement Salary, the Managing Director of Ecobank Development Corporation Investments Ltd said, “This product if taken seriously, could potentially prolong lives. What a product like Ɔbra Pa does is to guarantee you cash flow when you retire”.

Old Mutual, Ghana’s innovative insurance company led the pack by recently launching a pioneering retirement product called With Profit Annuity dubbed “ɔbra  Pa Retirement Salary” to provide a guaranteed stream of income for retirees for the rest of their lives.

The “ɔbra Pa (which means ‘good life’) Retirement Salary” was designed to help retirees experience all the good things they want in retirement. It helps them to enjoy a customized plan tailored towards their unique needs while helping protect what matters most to them in retirement.

To become an ɔbra Pa Retirement Salary beneficiary, one has to be 50 years and above and invest a minimum lumpsum of GHs 20,000 upfront. In addition to the monthly salaries for individual policyholders, couples can also enjoy Joint Spousal Benefits when they take the policy together. There is also a funeral cover for all policyholders.” Mrs. Boateng added.

Old Mutual is an integrated financial services provider with presence in 13 countries on the African continent. Old Mutual has 176 years of expertise in Life Insurance, Pensions and Banking Services across Africa. In Ghana, the brand is committed to leveraging the 176 years of expertise to partner with Ghanaians to help them achieve their financial goals.