The Bank of Ghana (BoG) has organised a sensitisation programme on banking services, and consumer rights and responsibilities for market women within the Sekondi-Takoradi Metropolis of the Western Region.
The programme, held in Takoradi, was to equip the participants with the necessary knowledge to enhance their financial literacy skills for informed financial choices.
They were taken through how to identify institutions licensed by the BoG, identify red flags, secure bank accounts, guarantee a loan, complaint and resolution procedure, savings, loan application, and credit referencing among other topics.
Mr Godfred Cudjoe, an officer at the Financial Stability Department of the BoG, speaking at the event said the workshop was part of the Bank’s strategies to empower the citizenry with the knowledge to increase their financial literacy, and subsequently restore public confidence in the financial sector.
He said: “We have realised that because some people do not know their rights and responsibilities, a lot of them have lost their monies, or have lost interest in working with banks due to certain actions by such institutions”.
“That is why we have come here to educate them on how they can identify institutions licensed by the BoG, identify red flags, and the various complaints and resolution procedures so they take good financial decisions to help spur the growth of their businesses.”
Mrs. Nana Asaa Parker, Deputy Chief Manager, Financial Stability Department, BoG, told the participants to be vigilant in dealing with financial institutions, saying they should always check to see that such institutions had the necessary documentations to operate to avoid losing their monies to organisations involved in dubious transactions.
“When you enter any financial institution, always check to see if they have the Bank of Ghana logo, and certificates and licenses issued by the BoG before you do any business transactions with them, so that you do not give your monies to some dubious people,” she advised.
Ms. Esi Hagan, of the Financial Stability Department of the BoG, also cautioned the participants to thoroughly assess the background and repayment capabilities of people who needed financial assistance before guaranteeing a loan or credit facilities for them.
She said they must understand the terms and conditions of the loan, and are comfortable before signing off such documents, because there were some legal implications if the borrower defaulted.
Madam Mary Mensah, one of the participants, expressed gratitude to the BoG for educating them on their rights and responsibilities, and said it had helped them to better understand basic financial principles, which would position them to make good decisions regarding savings and loans, and other financial services.
Source: GNA
