In a landmark move to safeguard the livelihoods of Ghana’s vibrant music community, the Musicians Union of Ghana (MUSIGA) has officially unveiled a comprehensive pension scheme designed to provide financial security for all musicians, with a special focus on its members. This initiative addresses a long-standing challenge in the industry: the hardships many artists face as they age beyond 60, when performing becomes difficult, and past earnings often dwindle.
MUSIGA President Bessa Simon, speaking at the launch event, emphasized the scheme’s inclusivity. “This pension plan is open to every musician in Ghana, regardless of age or membership status,” he declared. Partnering with Stallion Trust and Administration alongside Algebra Capital Management, MUSIGA has created a flexible program tailored to the unpredictable careers of artists. “It doesn’t matter if you’re just turning 60—join today, and you’ll start receiving pension payments at 65. If you’re 70, your benefits kick in at 75. We’re urging everyone to sign up now so that within five to six years, every musician has this safety net in place.”
Simon painted a vivid picture of the benefits for younger artists, too. “Imagine starting young: contribute for six years, and by retirement age, your pension is ready to support you for life—until the very end.” He made a passionate appeal directly to his peers: “Come to MUSIGA, join the scheme, and rest assured that whether old age slows you down or an emergency strikes and you can’t perform like before, you’ll be taken care of in your later years.”
The union’s support doesn’t stop at pensions. Simon highlighted additional member perks, including SIC Life Insurance, through a group policy. “Pay just 100 Ghana cedis, and because it’s collective coverage, if tragedy strikes you, your children, parents, or spouse, the benefits flow to your family.” For dues-paying members, MUSIGA sweetens the deal by topping up contributions to secure NHIS cards, ensuring free healthcare access at any hospital. “This is all under one umbrella group life insurance and pension access, but you must join MUSIGA first to qualify.”
Looking ahead, Simon called on the government to bolster MUSIGA’s role. “In the coming years, policymakers must strengthen our union to fortify the creative arts sector,” he said. With thousands of individual musicians operating independently, unity is key. “Join MUSIGA so government interventions, royalties, or grants pass through us ensuring every member benefits, not just a select few.” He revealed ongoing discussions with officials: “We’ve engaged the government, and arrangements are already underway.”
Simon reassured sceptics about the scheme’s reliability. “We’ve vetted this thoroughly it’s genuine and guaranteed. Even in tough times, your money is safe. Musicians who’ve joined our insurance have claimed benefits after losing parents or children through SIC. The same trust applies here. Join within five years, and your pension is locked in no risks, just security. We won’t endorse anything that harms our own.”
Louis Danso, Head of Marketing at Stallion Trust and Administration—affectionately known as the “pension masters” explained the partnership’s origins. “Ghanaian musicians bring joy, preserve our history through song, and uplift our spirits, yet retirement often brings struggle and hardship. That’s heartbreaking.” Stallion specializes in pension schemes, Danso noted, because “no one knows tomorrow, but saving today secures it.” Their collaboration with MUSIGA ensures musicians aren’t left miserable in old age.
Danso delved into the mechanics, underscoring legal safeguards. “Pensions are regulated by the National Pensions Regulatory Authority (NPRA), which oversees every trustee to ensure compliance.” Funds aren’t stagnant they grow via returns on investment (ROI), placed in profitable ventures. “Your contributions compound, yielding more for your future.” He wrapped up with a heartfelt nod to musicians’ cultural role: “They make us happy and educate us through music. Why let them suffer in retirement? This scheme changes that.”
This initiative marks a new era for Ghana’s music industry, blending union advocacy, private expertise, and regulatory oversight to create lasting stability.
Story by: Mercy Addai Turkson #ahotoronline.com