Ghana begins annual financial literacy week on June 11
Ghanaians will have the opportunity next week to deepen their understanding on the need for good management of personal finances as experts in the financial services industry begin a week of public education.
The National Financial Literacy Week to be held from June 11-17 was instituted by the Ministry of Finance and Economic Planning to among others raise awareness and enhance public understanding of the range of products and services being offered by financial institutions.
Celebration of the week is in line with recommendations in Ghana’s Financial Sector Strategic Plan, which recognises the need to improve the financial literacy of Ghanaians to accelerate financial deepening in the economy.
The maiden celebration was held in September 2008.
The event, to be held on the theme: “Financial Literacy-Creating Wealth and Financial Stability,” will have the financial sub-sectors, the banking industry, insurance industry and the securities industry, undertake various financial education programmes during the week.
There will also be a public forum on finance to be held simultaneously on Friday, June 15 in selected locations in six regions, Greater Accra, Ashanti, Brong-Ahafo, Northern, Western and Volta.
At a media briefing on the week Mr Fiavi Fiifi Kwetey, a Deputy Minister of Finance and Economic Planning, said the objective of the week was to help consumers to better understand the need to manage their finances.
It is also to deepen financial intermediation, broaden inclusion to rein in the un-banked and un-insured, protect the public against fraud through basic knowledge and to instill financial discipline among economic agents to ensure that Ghanaians plan for retirement and avoid excessive borrowing.
Mr Kwetey said promoting and preserving public confidence in the financial sector would take much longer time than envisioned if the challenge posed by inadequate financial literacy was not tackled.
He said studies conducted by the Ministry of Finance over the years had shown that Ghanaians did not have adequate financial knowledge and skills to make informed judgments and decisions on management of their finances as well as understanding details of financial products and services.
Mr Kwetey said results of the survey underscored the need for sustained efforts towards financial education and awareness.
He said the forum would bring together financial sector policymakers, regulators and financial institutions and consumers.
Mr Kwetey said lack of knowledge of financial and investment opportunities was preventing majority of people from accessing benefits from the sector, adding that when people were enlightened about the various opportunities in the financial sector; it could help increase savings and investment to support growth of the economy.
There would be informative broadcasts on various radio and television stations across the country during the week as well as a National Senior High School Quiz on Financial Literacy.
Source: GNA