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Business News of Tuesday, 6 April 2021

Source: ugbs.ug.edu.gh

April declared Financial Literacy Month

The Movement seeks to raise awareness about the importance of financial literacy education The Movement seeks to raise awareness about the importance of financial literacy education

The Improving Financial Awareness and Financial Literacy Movement in Ghana, The International Improving Financial Awareness and Financial Literacy Association at The University of Ghana Business School, The Center for Financial Literacy Education Africa and its partners has launched April as Financial Literacy Month in Ghana.

The Movement which seeks to raise awareness about the importance of financial literacy education and empower an individual to make informed and effective financial decisions was launched yesterday under the Chairmanship of the Dean of the University of Ghana Business School, Professor Justice N. Bawole.

Speaking at the launch of The Movement, The FA Association and the launch of the month-long activity, the Lead Ambassador of The Movement and the Executive Director of The Center for Financial Literacy Education Africa, Mr. Peter Asare Nyarko shared how the financial story of his granddad inspired this vision, gave him a mandate and began a mission.

In his Call-to-Action address where he called on The Government of Ghana, The Ministry of Finance, and all other stakeholders of financial and economic development, financial service and product providers, he said “The story of my granddad inspired a vision, gave me a mandate and began a mission. A vision where every single Ghanaian; the rich, the poor, the old, the young, those in rural communities and those in urban communities are financially aware and financially literate.

This is what The Improving Financial Awareness and Financial Literacy Movement in Ghana seeks to achieve. On this note, on behalf of The Improving Financial Awareness and Financial Literacy Movement in Ghana, The Center for Financial Literacy Education Africa, The International Improving Financial Awareness and Financial Literacy Association at University of Ghana Business School (known as The FA Association), The Financial Awareness Foundation, and all our strategic partners; I humbly call on the Government of Ghana, Ministry of Finance… he continued by saying, “let us all unite and create massive financial awareness and financial literacy education, which benefit all and creates productive, healthy and peaceful communities.”

In attendance were the Head of Financial Stability at the Bank of Ghana, Dr. Joseph France, Mr. John Awuah, CEO of Ghana Bankers Association, Mr. Kwabena Dankyi Darfoor and Patience Arko-Boham, reps from Ministry of Finance, EDC Investments Ltd, PALI Global, Pro Patria Ltd, KMPG Ghana, and many other dignitaries, stakeholders and strategic partners.

Dr. Joseph France, Head of Financial Stability at the Bank of Ghana said that, the high rate of financial illiteracy in Ghana largely contributes to the increased number of financial frauds in the country.

The Chairperson and the Dean of the University of Ghana Business School, Professor Justice N. Bawole indicated that the lack of financial literacy contributes to the high percent of non-performing loans.

However, Prof. Justice Bawole believes intensifying education on financial awareness is the way to go.

“If you are going for a loan to do business and you are being offered 30% or more as the interest rate, that means you are going to fail. But of course, the financial institution that is giving you the money is looking to collect their interest and move on. So that leads to more non-performing loans. So we have declared the month of April as financial literacy month and we believe it will help us reach a lot of people on how to manage their personal finances,” he stated.

Chief Executive Officer of the Ghana Association of Bankers, Mr. John Awuah stated that banks must work together and collaborate on different levels to ensure financial inclusion.

“If we work together, cooperate and coordinate our effort, that is when we are better able to bring along our actors and other market participants in this financial inclusion agenda. Particularly, improving financial awareness and financial literacy is of prime importance to banks,” he added.

Dr. Benjamin Amoah, a Financial Researcher and the Patron Coordinator of The FA Association at the University of Ghana and a The Movement Ambassador noted that a series of financial awareness and financial literacy activities has been lined up for the month of April, therefore encourage the Media, Stakeholders, Strategic Partners and all concerned parties to get on board and fully participate in the month-long financial awareness and financial literacy activity.

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