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Financial planning for retirement of self-employed workers in the Ghanaian economy

Edmond Ofori (West End University College, Accra, Ghana)

International Journal of Social Economics

ISSN: 0306-8293

Article publication date: 15 March 2021

Issue publication date: 31 May 2021




The purpose of this study was to ascertain the types of financial plan Ghanaian self-employed workers have towards their retirement, and the main forces that motivate these workers to financially plan for their pension.


The study focused on self-employed workers aged from 15 to 60 years. Questionnaires were administered in gathering data for the study. The researcher used probit model in analysing the driving forces behind self-employed workers' financial planning for retirement.


The study revealed that bank/credit union/savings and loans savings, building of apartments for renting, investment in SSNIT pension, investment in treasury bills/fixed deposits, investment in ownership of business and private insurance pension are the types of financial plan that exist for self-employed workers towards their retirement. The study found that age, marital status, level of education, household size, number of children, renting a house, life style of the future retiree, income, risk level of job and types of retirement plan are the driving forces behind the retirement plans of self-employed workers.

Practical implications

Using the identified types of financial plan and driving forces in this study, governments in the developing countries can develop and implement self-employed pension schemes, educate and encourage more self-employed workers to plan for their retirement.


Analysing the driving forces behind retirement plans of self-employed people in developing economies.



Ofori, E. (2021), "Financial planning for retirement of self-employed workers in the Ghanaian economy", International Journal of Social Economics, Vol. 48 No. 6, pp. 811-825.



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