{"id":431755,"date":"2017-10-24T16:14:54","date_gmt":"2017-10-24T16:14:54","guid":{"rendered":"https:\/\/ghana-mma.com\/2017\/10\/24\/peoples-pension-trust-leads-industry-research-with-funding-from-world-bank\/"},"modified":"2017-10-24T16:14:54","modified_gmt":"2017-10-24T16:14:54","slug":"peoples-pension-trust-leads-industry-research-with-funding-from-world-bank","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2017\/10\/24\/peoples-pension-trust-leads-industry-research-with-funding-from-world-bank\/","title":{"rendered":"People\u2019s Pension Trust leads industry research with funding from World Bank"},"content":{"rendered":"

<\/p>\n

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People\u2019s Pension Trust (PPT) is set to carry out baseline study into informal sector pensions with a $200,000 funding from the World Bank.<\/p>\n

The project is to establish the behavioral patterns of farmers towards savings for the future between November 2017 and April 2018.\u00a0<\/p>\n

It is expected to boost financial services to some 1300 cocoa farmers in the Suhum and Fanteakwa districts in Ghana.<\/p>\n

<\/p>\n

Aside from serving as the knowledge base for industry players in developing informal sector pensions in Ghana, the outcome is also to expand coverage of the company\u2019s digital pension product to low-income populations in the country and the sub-region as a whole.<\/p>\n

Bridging the gap <\/b><\/p>\n

It is common knowledge there are limited solutions for long-term financial needs of low-income people in sub-Saharan Africa.<\/p>\n

People\u2019s Pension Trust is, therefore, expected to bridge this gap by offering special pensions products and services tailored to meet the specific needs of the target group.\u00a0<\/p>\n

This includes flexibility of deposit where members can contribute to their pension plan on a daily, weekly or monthly basis using cash, mobile money or automatic deduction from their earnings.<\/p>\n

Partnership with the World Bank<\/b><\/p>\n

The World Bank\u2019s independent Policy and Research Centre,\u00a0the Consultative Group to Assist the Poor, (CGAP) is providing the financial and technical support for the project.<\/p>\n

This is in line with the Bank\u2019s mission to improve the lives of poor people by spurring innovations and advancing knowledge and solutions that promote responsible, sustainable, inclusive financial markets.<\/p>\n

The Centre believes access to financial services empowers the poor by reducing their vulnerability and offering them opportunities to improve their lives.<\/p>\n

For, CGAP poor people are therefore considered valued clients of their country\u2019s financial system.<\/p>\n

CGAP and People\u2019s Pension Trust are thus hopeful the introduction of such an innovative pension product which incorporates all the high-impact features can motivate members to consistently save for their pensions over the six-month period.<\/p>\n

The game changer <\/b><\/p>\n

This notwithstanding, the potential benefits of a pension scheme in one\u2019s retirement age, low-income earners are faced with challenges such as maintenance of their commitment to a plan in the face of income shortages and livelihood-related shocks.<\/p>\n

Strategies are thus expected to be developed to ensure members adhere to their savings goal and achieve the full benefit of their pensions scheme.<\/p>\n

This is where the project appears to be timely as it is expected to provide participants with not only regular information on benefits of contributing to the pension plan but also the flexibility of withdrawal in line with the regulator\u2019s guidelines.<\/p>\n

C-GAP is hopeful high impact solutions sought from the test models will provide important lessons for the industry at large.<\/p>\n

People\u2019s Pension Trust\u2019s CEO, Samuel Bediako Waterberg is excited about \u201cthe prospects the project presents especially in upgrading the livelihood of the cocoa farmers.”\u00a0<\/p>\n

He says “winning this grant is a significant step towards the company\u2019s goal of providing a pension cover for about 500, 000 Ghanaians in the informal sector in the next five years\u201d.<\/p>\n<\/div>\n

\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\u0642\u0627\u0644\u0628 \u0648\u0631\u062f\u067e\u0631\u0633<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

People\u2019s Pension Trust (PPT) is set to carry out baseline study into informal sector pensions with a $200,000 funding from the World Bank. The project is to establish the behavioral patterns of farmers towards savings for the future between November 2017 and April 2018.\u00a0 It is expected to boost financial services to some 1300 cocoa […]<\/p>\n","protected":false},"author":0,"featured_media":419699,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-431755","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business"],"yoast_head":"\nPeople\u2019s Pension Trust leads industry research with funding from World Bank - Ghanamma.com<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.ghanamma.com\/2017\/10\/24\/peoples-pension-trust-leads-industry-research-with-funding-from-world-bank\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"People\u2019s Pension Trust leads industry research with funding from World Bank - Ghanamma.com\" \/>\n<meta name=\"twitter:description\" content=\"People\u2019s Pension Trust (PPT) is set to carry out baseline study into informal sector pensions with a $200,000 funding from the World Bank. 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