The International Improving Financial Awareness and Financial Literacy Association at the University of Ghana Business School, responsible for The Improvement of Financial Awareness and Financial Literacy Movement in Ghana and its partners have announced April as the Financial Literacy Month in Ghana.
The launch, which was aimed at raising awareness about the value of financial literacy education and empower individuals to make informed and successful financial decisions, was chaired by the Dean of the University of Ghana Business School, Professor Justice N. Bawole. It was held at the University of Ghana Business School, Accra.
Speaking at the program, Lead Ambassador, and the Executive Director of The Center for Financial Literacy Education Africa, Mr. Peter Asare Nyarko shared how the financial story of his grandfather inspired the vision: “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 seek to achieve. ”
He also called on all stakeholders to unite and support the vision: “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, 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, and reps from Ministry of Finance, EDC Investments Ltd, PALI Global, Pro Patria Ltd, and KMPG Ghana.
Meanwhile, Dr. Joseph France, Head of Financial Stability at the Bank of Ghana remarked that the high rate of financial illiteracy in Ghana largely contributes to the increased number of financial frauds in the country.
Dean of the University of Ghana Business School, Professor Justice N. Bawole also indicated that the lack of financial literacy contributes to the high percent of non-performing loans. However, Prof. Justice Bawole believed that 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.
According to the Chief Executive Officer of the Ghana Association of Bankers, Mr. John Awuah, 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.”
Dr. Benjamin Amoah, a Financial Researcher and the Patron Coordinator of The FA Association at the University of Ghana noted that a series of financial awareness and financial literacy activities had been lined up for the month of April. As a result, he encouraged the media, strategic partners, and all stakeholders to get on board and fully participate in the month-long financial awareness and financial literacy activity.