Story By Mabel Adorkor Annang
Financial literacy is very common in many developing economies including Ghana, hence the call for the country to embrace financial education.
The Centre for Financial Literacy Education Africa in collaboration with the University of Ghana Business School has launched the annual Financial Literacy Month program in Accra.
The focus is to understand and effectively use the essential principles of smart money management and address the lack of financial awareness and illiteracy challenges.
The Center is therefore using the month of April to raise awareness about the importance of financial literacy education and empower all to make informed and effective financial decisions.
Speaking on financial literacy and its relevance to the Banking sector at this year’s event, the Chief Executive of the Ghana Association of Bankers, John Awuah said evidence suggests that many contemporary consumers have limited understanding of how finance works, and for this reason, many struggles with savings and investments.
Speaking on Financial Literacy; a tool for wealth creation and Economic Development, a representative from the Chartered Institute of Bankers-Ghana, Mrs. Doris Ahiati explained the link between financial planning, health planning, and signing on to an insurance cover.
Mrs. Ahiati added that “health is wealth and you must have some health plan in place if you want to succeed in your financial planning. We want you to be secured at all times. An insurance policy can cover things not planned for. Insurance package is financial liberation.”
“Initiatives of the banks to intensify financial literacy would prove economically and financially useful to all stakeholders especially the banks themselves.” Mr. Awuah intimated.
She urged the public and the media to share with others about financial literacy to help and explain it in the simplest way possible for better understanding.
A series of events have been lined up by the Centre for Financial Literacy Education Africa and UGBS with the participation of industry players including market visitations to create the needed awareness about financial literacy and awareness month.