Financial Literacy week begins next week

Accra, Sept. 16, GNA - The Ministry of Finance is to hold the first ever Financial Literacy Week from September 22 to 28 to raise awareness and enhance understanding of the public of the range of products and services being offered by financial institutions.

The week would also help consumers to better understand and manage their finances, Dr Sam Mensah, Technical Advisor to the Ministry of Finance, said at a media briefing in Accra on Tuesday.

It will be held on the theme: "Financial Literacy-Knowledge Is Money." The event will have inputs from financial experts and institutions such as the Association of Bankers, National Insurance Commission, Ghana Insurers Association, Securities and Exchange Commission, among others.

The 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 in order to accelerate financial deepening in the economy.

Dr. Mensah said lack of knowledge of financial and investment opportunities was preventing the majority of people from accessing benefits from the sector.

He said when people were enlightened about the various opportunities in the financial sector, it could help increase savings and investment to support the growth of the economy. Ghana's savings and investment rates have been consistently below levels needed for accelerated growth and poverty reduction. Citing a result of a survey, Dr Mensah said there was still widespread misconception among the population that only the highly educated people could access financial services such as savings, loans and investments offered by the banks.

The week, therefore, will equip the people with the tools and techniques for finance management and creating opportunities and options for personal business and professional growth.