April declared financial literacy month

A senior lecturer at the University of Ghana Business School (UGBS), Dr. Benjamin Amoah, has urged Ghanaians to develop themselves to become financial literates as the month of April is dedicated to raising financial literacy awareness.

According to him, this could help deepen financial inclusion and ultimately improve the country’s economic growth.

Dr Amoah made the call during a press conference organized by the Center for Financial Literacy Education Africa, as part of activities to make April “Financial Literacy Month”.

He was also of the opinion that having financial literacy could help people make informed decisions about which government they wanted in power, since they would be able to evaluate their agendas on the economy.

Dr Amoah said that occasionally monetary authorities such as the central bank release information containing macroeconomic variables such as interest rates, inflation and other monetary policy interventions aimed at informing the public about the state of the economy.

“People who are financially literate are more likely to use these fundamental economic indicators in their funding and investment decisions,” he said.

Financial planning

Speaking on the theme ‘Financial Literacy; a tool for wealth creation and economic development,” a representative of the Chartered Institute of Bankers Ghana, Doris Ahiati, said that to excel in financial planning, it is important to pay a lot of attention to one’s health.

“You need some physical strength or good health to be able to convert time, skills or qualifications into income-generating activities. The idea is therefore to aim for a balance; some money and good health so you can enjoy the money you earn.

“I want to encourage everyone to share what little knowledge they know about financial literacy with people in our circles to help grow our economy,” she said.

Relevance of financial literacy for the banking sector

On his part, the Managing Director (CEO) of the Ghana Bankers Association (GBA), John Awuah, advised banks to support financial education programs that will help their customers make effective financial decisions.

“Information is meaningless if the people it is intended for cannot interpret and use it.
As bankers, we have a duty to take every opportunity to educate and make our customers understand exactly what banking products and services are available, and also to try to understand
their situation to help make decisions,” he said.

Financial Literacy Month

The Executive Director of the Center for Financial Literacy Education in Africa, Peter Asare Nyarko, said Financial Literacy Month aims to raise awareness of the importance of financial literacy education and empower individuals with the ways to make informed and effective financial decisions.

He said financial literacy was a tool that would help develop the country’s economy, adding that “if every individual is financially equipped, the wealth created will be reflected in the economy and help the country grow.”