Finance Ministry launches nationwide financial literacy campaign

Seth Terkper - Finance Minister
Seth Terkper – Finance Minister

The Ministry of Finance has launched a nationwide financial literacy and awareness campaign to complement government’s efforts towards the development of a comprehensive financial inclusion strategy.

The six-month campaign, which would end on June 30, 2016, also seeks to consolidate existing financial policy priorities aimed at improving outreach for the full range of financial services to the population, especially the rural and agricultural population.

Launching it, Major Mahama Samuel Tara (Rtd), Chief Director of the Ministry of Finance, said the campaign is expected to build on the successes of previous literacy week programmes and to consolidate the gains to ensure wider outreach and better appreciation of financial issues.

He said the main target groups for the campaign which is themed “Promoting Financial Literacy for Financial Inclusion – a Tool for Empowerment and Development”,  are farmer-based organisations, comprising women groups, smallholder farmers, youth in agriculture, financial services providers and the public.

Major Tara said the financial literacy campaigns had become more imperative as financial markets had become increasingly complex and households need to assume more responsibility for financial decisions.

He said many Ghanaians, especially those in rural areas, do not have the necessary financial capabilities to make informed financial decisions in choosing and using the products.

“Carrying out financial education and awareness will therefore help in addressing the weak demand side of financial intermediation and enable providers apply responsible finance principles in doing business,” Major Tara said.

He said the 2015/16 financial literacy campaign would concurrently deploy various activities to motivate providers to actively develop, adapt products and services and proactively market them to a wider target group.

Besides, financial consumers would be educated on the range of financial products and services to improve their decision making process.

Key activities to be used during the campaign include multi-language and multi-media activities; in addition to the use of English, five local languages Twi, Ewe, Ga-Dangme, Dagbani and Dagaare, regional road shows, radio and television discussions and theatre shows.

Major Tara also said government would continue with the financial sector reforms agenda and work with stakeholders to accelerate the expansion of agricultural insurance to minimize the perceived risk associated with the sector.

Source: GNA

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