Financial Literacy week scheduled for September

Government policy direction on financial services and products is to ensure that consumers are informed to make sound financial decisions on service provision, Mrs Mona Quartey, Deputy Minister of Finance has said.

She said carrying out financial education and awareness creation are necessary to address the weak consumers demand on financial services.

Mrs Quartey, made this known when she briefed the press on the fourth Annual National Financial Literacy Week scheduled to take place from September 23 to September 28, on the theme: “Financial Literacy – Key to a Secured Future.”

Activities lined up for the event include promotion of banking and non-banking subsector, promotion of pensions and insurance subsectors, promotion of the securities and capital markets and public for a three zones across the country in the Northern zone (Wa), Middle zone (Kumasi), Coastal zone (Ho) and Talking point on Ghana Television.

The event is to follow through existing policy priorities to improve outreach for the full range of financial services to the population.

Mrs Quartey said to motivate service providers and consumers, multi-language and multi-media blitz is important to organise awareness and educate the public through regional public forums.

She said key messages would be aligned with various subsectors such as in the banking, security industry, pensions and insurance.

Mr Simon Nero Davor, Deputy Commissioner National Insurance Commission, said 4.1 per cent of the population has some insurance policy meaning there is still a long way to go with getting many people to have an insurance cover.

He said the Commission has decided to embark on public awareness to educate the public on micro insurance, with the target on the informal sector.

Mr Davor said the Commission is developing products from different sectors both formal and informal to include a compulsory insurance on private property.

He said the country, has 18 life insurance policies, 26 non-life insurance policies and 62 insurance brokers firms.

Mr Emmanuel Ashong Katai, Head Policy Research and Information Technology said Ghanaians must know how to create wealth, adding that there are a lot of financial products that many people are not aware of and the week is an opportunity for them to know where to invest their money.