Africa-Press – Liberia. The West African Institute for Financial and Economic Management (WAIFEM) on Monday, September 30, launched a regional course on retirement planning, personal finance management, and managing new beginnings, with a strong focus on equipping participants with the tools and knowledge necessary to navigate the complexities of retirement.
The event, which is currently ongoing at a resort in Monrovia, brought together participants from Liberia, Sierra Leone, Gambia, Ghana, Nigeria and among others.
Dr. Alvin G. Johnson, Director of Governance and Institutional Development at WAIFEM, delivered the keynote address on behalf of Dr. Baba Y. Musa, WAIFEM’s Director General.
In his opening remarks, Dr. Johnson emphasized the importance of retirement as a major life milestone, a time for personal growth, fulfillment, and the pursuit of long-held dreams.
He noted that this course is designed to provide participants with essential strategies to maximize their retirement years.
“Retirement is not just the end of a career but the beginning of a new chapter filled with opportunities,” Dr. Johnson stated. “This course is designed to provide insights into both financial and personal aspects of retirement, helping participants plan for a future that aligns with their goals and aspirations.”
The course is set to address key aspects of retirement planning, from financial management and budgeting to personal growth and emotional well-being.
Dr. Johnson explained that while financial preparedness is a crucial aspect of retirement, equally important is the emotional transition from a structured work life to a more flexible, self-directed lifestyle.
“Retirement is a unique journey for each individual. It’s not just about managing money but also envisioning a fulfilling and purposeful future,” he noted. “In this course, we’ll explore strategies for financial security, healthy living, and maintaining a sense of purpose in retirement.”
Participants will learn about creating retirement budgets, exploring investment options, and ensuring their financial well-being through savings and strategic investments.
Dr. Johnson further highlighted the emotional and psychological aspects of retirement, including transitioning from work life to finding fulfillment in hobbies, social connections, and new activities.
“Retirement is a time for personal reflection and self-discovery. It’s about finding new passions and staying socially connected. This course will equip participants with the tools to navigate this transition effectively,” Dr. Johnson added.
Dr. Johnson also used the platform to update participants on recent developments at WAIFEM, underscoring the Institute’s commitment to capacity-building across the sub-region. Since its inception in 1996, WAIFEM has successfully delivered 959 capacity-building programs, benefiting 26,737 participants from West Africa and beyond.
The Institute, Dr. Johnson explained, has launched a strategic plan to address emerging capacity-building challenges in the region, with a mid-term review of the plan currently underway. WAIFEM has expanded its training programs to include new areas such as digital finance, cybersecurity in financial institutions, and sustainable economic policies.
“These additions to our training programs are designed to equip participants with the necessary skills to navigate modern financial systems and address the challenges of today’s global economy,” Dr. Johnson said.
WAIFEM has also invested in enhancing its e-learning platforms, enabling participants to access courses from any location and at their own pace. The Institute has strengthened partnerships with international organizations, financial institutions, and academic entities to ensure that its training content aligns with global best practices.
In line with global priorities, WAIFEM has integrated the Sustainable Development Goals (SDGs) and the African Continental Free Trade Area (AfCFTA) into its training programs. The Institute places emphasis on promoting sustainable economic policies and inclusive growth, aiming to contribute to the achievement of the SDGs and the objectives of AfCFTA in member countries.
“We remain committed to promoting sustainable development and regional integration in West Africa through capacity-building and research,” Dr. Johnson reiterated.
In addition to training, WAIFEM has increased its focus on research and publication. The Institute has published several research papers and policy briefs addressing critical economic and financial stability issues in the region. These publications serve as valuable resources for policymakers and practitioners alike.
To foster a continuous learning environment, WAIFEM has launched an alumni network aimed at keeping past participants engaged and connected. This platform allows alumni to share experiences, collaborate on projects, and stay informed about the latest developments in financial and economic management.
At the opening ceremony, Mr. Michael B. Ogun, Senior Advisor on Multilateral Relations at the Central Bank of Liberia (CBL), delivered an address on behalf of Mr. Henry F. Saamoi, Acting Governor of the CBL. Mr. Ogun praised WAIFEM for its long-standing contributions to capacity-building in the region and welcomed participants to Liberia.
“Retirement is a significant milestone, a time to enjoy the fruits of one’s labor and live on one’s own terms. However, this transition also comes with challenges, which makes courses like this vital for preparing individuals to face the financial and emotional aspects of retirement,” Mr. Ogun stated.
He added that financial preparedness is a crucial component of retirement, as many individuals underestimate the financial demands of post-retirement life. “While pensions and social security may cover some expenses, additional savings and investments are critical for ensuring financial security in retirement,” he noted.
Mr. Ogun also emphasized the importance of health care, insurance, and estate planning as part of retirement preparedness. The course, he said, would provide participants with insights into healthcare options, including Medicare and long-term care insurance, as well as legal matters such as wills, trusts, and powers of attorney.
“Effective personal finance management is key to ensuring financial stability in retirement. Participants will learn about budgeting, investment strategies, and making informed financial choices,” Mr. Ogun concluded.
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