The West African Institute for Financial and Economic Management (WAIFEM) unveiled a meticulously designed course on retirement planning, personal finance management, and managing new life chapters on September 30. This regional course on financial and personal aspects of retirement aims to empower participants with vital tools and insights for a smooth retirement transition.

Scope of the Retirement Planning Course

Participants from Liberia, Sierra Leone, Gambia, Ghana, Nigeria, among others, congregated at a resort in Monrovia for this substantial event. The comprehensive course covers the financial and emotional aspects of retirement, providing strategies for financial security, healthy living, and maintaining purpose in retirement.

A New Approach to Retirement

In his introductory remarks, Dr. Alvin G. Johnson, Director of Governance and Institutional Development at WAIFEM, emphasized that retirement signals the start of a new, promising life chapter. “Retirement is not just the terminus of a job; it’s an opportunity to embark on fulfilling endeavors,” said Dr. Johnson. He also touched upon the importance of handling not only the financial aspects but also the emotional transition to a self-directed lifestyle post-retirement.

WAIFEM’s Commitment to Capacity Building

Dr. Johnson also gave insights into recent developments at WAIFEM, underlining the institute’s dedication to capacity-building across the West African region. Since its establishment in 1996, WAIFEM has successfully delivered 959 capacity-building programs, catering to 26,737 participants across and beyond West Africa.

With an eye on the future, WAIFEM has launched a strategic plan encompassing digital finance, cybersecurity in financial institutions, and sustainable economic policies. The institute has also made significant strides in enhancing its e-learning platforms, enabling learners to consume courses anywhere, anytime.

WAIFEM Fostering Sustainable Economic Policies

In line with global trends, WAIFEM has integrated the Sustainable Development Goals (SDGs) and the African Continental Free Trade Area (AfCFTA) into its training curriculum. The institute aims to foster sustainable economic policies and inclusive growth, thus contributing to achieving the SDGs and the AfCFTA objectives in its member nations.

Over the years, WAIFEM has also increased its focus on research and publication, releasing numerous research papers and policy briefs addressing critical economic and financial stability issues in the region.

WAIFEM’s Alumni Network

To create an environment of continuous learning, WAIFEM has initiated an alumni network, fostering a platform where past participants can share experiences, collaborate, and stay updated about the latest trends in financial and economic management.

“Financial preparedness is a critical element of retirement, as many individuals underestimate the financial demands of the post-retirement phase,” said Mr. Michael B. Ogun, Senior Advisor on Multilateral Relations at the Central Bank of Liberia (CBL), underscoring the importance of courses like these.

The course will provide participants with insights into healthcare options, including Medicare and long-term care insurance, and legal matters such as wills, trusts, and powers of attorney.