“Beyond Today: Kwesi’s Journey with Ghana’s Tier 3 Pension Scheme” The Wake-Up Call:

Kwesi wiped sweat from his forehead as he closed his small electronics shop in Accra. Business was good, but each month felt like a cycle—earn, spend, repeat.

One evening, while visiting his mother, he saw her struggling to stretch her small pension. She had worked hard for decades but was now dependent on her children to survive.

“I don’t want to end up like this,” Kwesi thought. But as a self-employed person, he didn’t qualify for the standard Social Security (SSNIT) benefits. There has to be another way, he mused.

The next day, Kwesi overheard a radio discussion on pensions while driving to work. A financial expert was explaining Ghana’s Tier 3 Pension Scheme—a voluntary retirement plan for both formal and informal workers.

“Tier 3?” Kwesi murmured. His interest sparked when the expert mentioned the tax relief and flexibility. He parked his car and called the station’s hotline.

“Sir,” the expert said, “with Tier 3, you can contribute regularly, withdraw after five years if needed, and enjoy tax-free savings. It’s ideal for business owners like yourself.”

Kwesi scribbled down the name of a licensed pension trustee and decided to take action.

That week, Kwesi met with a pension advisor. The process was simple—he filled out forms and committed to contributing ₵500 a month.

“Isn’t this too little?” Kwesi asked.
“Not at all,” the advisor smiled. “It’s better to start small and stay consistent. Over time, your savings will grow with compound interest.”

The thought of his money working for him gave Kwesi hope.

Six months in, Kwesi faced a rough patch—business slowed down. For a moment, he considered stopping his contributions. But remembering his mother’s struggles, he adjusted his budget instead.

By the third year, things improved. His shop expanded, and he increased his contributions. The Tier 3 account gave him the discipline to save consistently while reducing his tax burden.

Five years later, Kwesi received his first partial withdrawal. With it, he bought new equipment for his shop, which boosted profits. Despite withdrawing some funds, his savings kept growing steadily.

One day, his younger brother asked, “Kwesi, how do you always seem financially prepared?”

Smiling, he replied, “I learned to invest in tomorrow—through the Tier 3 pension scheme. You should too.”