By Donstance Koroma

The West African Institute for Financial and Economic Management (WAIFEM) has Monday 24 July 2023 commenced a regional course on retirement planning, personal finance management and managing new beginning, spanning from on Monday July 24 – 28 at the New Brookfields Hotel in Freetown.

Delivering his keynote address, on behalf of the Governor, Bank of Sierra Leone, the Deputy Director in the Office of the Governor, Crispen Deanison George warmly welcomed guests from other West African countries to the opening of the Regional Course on Retirement Planning, Personal Finance Management Skills, and Managing New Beginning.

He commended WAIFEM for its invaluable contributions to the capacity building spheres in the Sub-Region for over two decades.

“Ladies and gentlemen, retirement planning, personal Finance Management and Managing New Beginning are issues are of utmost importance to each and every one of us. These three aspects in one’s life are vital for ensuring a secured and fulfilling future for us and our loved ones,” Crispen Deanison George said.

He continued that retirement is a stage in life that everybody aspires to reach, wherein an individual can finally enjoy the fruits of their labour and live life on their own terms.

Retirement, he said is a significant milestone in the lives of many, representing a transition from one’s working years to a period of leisure, personal fulfilment and relaxation.

The Deputy Director in the Office of the Bank Governor, Bank of Sierra Leone added that the said transition can also bring challenges and uncertainties, hence the reason he personally believes that it is crucial to emphasize the importance of a retirement course through a programme designed to guide individuals through the process of preparing for and embracing retirements.

Firstly, let us acknowledge the changing landscape of retirement, he encouraged participants and recalled that  in the past, retirement was often viewed as a short period of rest after a lifetime of work.

As life expectancy has increased, societal norms have evolved and retirement he explained now spans several decades for many individuals.

George said that with longer retirement period, proper planning becomes paramount.

He observed that a retirement course can help individuals make informed decisions about financial matters, health care, lifestyle choices, and overall well being during this extended phase of life.

“However, it requires careful planning and preparations, many people make the mistake of assuming that their pension or social security benefits will be sufficient to cover all their expenses, but in reality, it is crucial to have additional savings and investments in place,” he emphasized.

George told participants that one of the most critical aspects of retirement planning is financial preparedness, stating that many people underestimate the financial requirements of retirement and find themselves facing unexpected challenges.

A retirement course can provide valuable guidance on budgeting, savings, and investment strategies, helping individuals build a solid financial foundation for their retirement years, George opined.

It can educate participants about retirement accounts, pension plans, social security benefits and other relevant topics empowering them to make informed decisions about their financial future, he said.

Beyond finances, the Deputy Director in the Office of the Bank Governor said that retirement planning should also encompass healthcare, insurance, and estate planning.

George noted that a retirement course can offer valuable insights into healthcare options, including medicare and long-term care, insurance, making ensure that individuals are adequately protected against medical expenses.

He furthered that the retirement course can address legal matters such as wills, trusts, and powers of attorney, providing participants with the necessary knowledge to make important decisions regarding their estate and legacies.

“Managing your personal finances effectively is essential not only for retirement planning, but also for achieving financial stability throughout your life. It also involves creating a budget, tracking your expenses and making wise financial decisions,” he explained.

Budgeting, according to George is the foundation of good financial management, as it allows one to understand your income and expenses, prioritize your spending, and identify areas where you can save money.

He said by tracking once’s expenses, one can gain insight into one’s spending habit and adjust as needed, which he said it is important to live within one’s means and avoid excessive debt.

He informed participants that developing financial literacy is another key aspect of personal finance management that will educate participants about various investment options, such as stocks, bonds, real estate and mutual funds.

He also disclosed that participants will have an opportunity to learn about risk management and diversification to protect investments, noting that the more you know, the better equipped you will be to make informed decisions and grow one’s wealth.

He told them that it is pertinent to understand life is full of transitions, pointing out that each new phase brings its own set of challenges and opportunities, weather it is starting a new job, launching a business, or embarking on a new adventure, it is crucial to plan and manage these new beginning effectively, set clear goals and develop a roadmap for success, George said.

He spoke of the need to identify skills and resources required to achieve those goals and work towards acquiring them.

“Surround yourself with a support network of mentors, friends and a family who can provide guidance and encouragements along the way, embrace change and remain adaptable, as flexibility is essential when navigating new beginnings” Deputy Director in the Office of the Governor of Bank of Sierra Leone.

He thus called on participants to note that managing a new beginning is not just about financial success, but also about personal growth and fulfilments.

George called on all to take time to reflect on one’s value and priorities and align one’s decisions with what truly matters to participants. He urged them to embrace the new experiences, learned from setbacks and celebrate all achievements.

Crispen Deanison George said retirement planning is not just about the technical aspects, but it is equally important to consider the emotional and psychological aspects of the life stage, adding that many individuals experience a sense of loss or lack of purpose when they retire.

He reiterated that retirement planning, personal finance management skills and managing new beginnings are integral to a prosperous and fulfilling future.

“By taking control of one’s finances, making informed decisions and embracing change, one can create a solid foundation for a secure retirement and navigate new beginning with confidence” George said, and expressed optimisms that greater light would be shed on retirement and retirement planning by a team of tested and experienced professionals assembled by WAIFEM to facilitate the course.

Welcoming all to the course, the Director General, WAIFEM, Dr Baba Y. Musa registered profound appreciations to the Governor of Bank of Sierra Leone for the steadfast support and constant encouragement of WAIFEM.

He observed that the Bank Governor’s personal and official commitments to WAIFEM, has continuously invigorated the pursuit and achievements of WAIFEM’s vision, mission and mandate.

“Mr. chairman, ladies and gentlemen, retirement is a significant milestone in our lives, and it marks the start of a new chapter, filled with opportunities, personal growth and the chance to pursue lifelong dreams,” Dr. Musa said.

He added that whether one is approaching retirement age or simply looking to gain insights for the future, course was designed to provide the participants with valuable knowledge and strategies to make the most out of the said significant phase in life.

Dr. Musa specifically informed that the course is designed to address various aspects of retirement planning and provide participants with essential tools and knowledge to help them make informed decisions and acquire the necessary skills to navigate the financial, emotional, and practical aspects of retirement effectively.

“As you may be aware, retirement is a journey unique to everyone. It’s not just about financial planning but also about envisioning a fulfilling future and making the most of once newfound freedom,” he said, and continued  that facilitators will discuss strategies for managing one’s finances, creating a retirement budget, exploring investment options and ensuring financial security in the years to come.

Dr Musa told participants that retirement is not solely about money, but a time for personal reflection, self-discovery and pursuing new passions.

He said the course will also delve into the emotional aspects of retirement, including transitional from a structured work routine to a more flexible and self-directed lifestyle, as the institution explore ways to maintain a sense of purpose, stay socially connected and find fulfilment in various activities and hobbies.

The DG reassured participants that the institution has assembled a team of expert resource persons in retirement planning who he said will quid them through the course, sharing their knowledge, experiences and practical tips.

Dr Musa encouraged participants to actively participate, ask questions and engage in discussions with their fellow participants, adding that the course provides an excellent opportunity for networking and learning from one another unique perspectives.

Speaking on the goal of the course, Dr Musa noted the institution’s goal is to empower, confident and excited about the new phase in life, whether they have specific retirement goals in mind or are still exploring the possibilities, the said course, he said will equip participants with the tools to make informed decisions and embrace an exciting chapter.

He said the institution is two and half decades old of capacity building in the West Africa Sub-Region and beyond, including the most recent institutional reforms, programme and mission accomplishments and its network of partners in the capacity building arena.

He disclosed that the institution was established on 22 July 1996, by the Central Banks of five Anglophone West Africa countries of The Gambia, Ghana, Liberia, Nigeria and Sierra Leone.

Dr Musa said the institution’s mandate is to develop a critical mass of skilled professionals and leaders in the field of macroeconomic and financial management as well as governance and institutional development among staff of the central banks, core economic and planning ministries and other relevant public and private institutions that are critical in the formulation and management of economic policies in the sub region and beyond.

He said WAIFEM has distinguished itself as a leading capacity development institution in the Sub-Region and internationally, reiterating that it has achieved the distinction due to the extensive coverage of its capacity building programmes, technical assistance, collaborative partnerships and networking with reputable international organizations in the training space.

“WAIFEM has also been involved in important policy interventions through the organization of conferences, roundtable discussions and publications that are highly regarded by academics and policymakers at national and international levels,” Dr. Musa disclosed.

As of June 2023, WAIFEM has delivered 891 capacity building programmes to 24,931 participants from the Sub-Region and beyond, he told participants.

Dr Musa informed participants that WAIFEM Board of Governors have consistently provided the institute with directions and resources that allow it to serve member countries better.

To equip public officials with relevant knowledge and learning tools in line with changing global dynamics and challenges, WAIFEM has added cutting edge and specialized trainings to its training menu in recent years, which include course on leadership and governance, regional integration, financial technology, cybersecurity, Climate Change, gender, development and youth empowerment, among others.

WAIFEM, Deputy Programme Manager, Abubakar Noma Adamu, gave the vote of thanks.