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On Friday, July 14, 2023, the Center for Financial Literacy Education Africa (CFLEA), as the leading TFAF Ambassador in Africa, successfully launched a chapter of their University FA Association at the Sunyani Technical University. This association serves as a financial literacy research think tank and membership association for students, faculty, staff, and alumni. Its mission is to significantly enhance financial awareness and literacy within the university community.
The inaugural conference on “Rethinking Personal Financial Management & Relevant Life Skills for Successful Career and Life” was a resounding success, leaving a lasting impact on the participants.
During the event, Dr. Christian Kyeremeh, the Dean of the Faculty of Business and Management Studies at Sunyani Technical University, emphasized the importance of financial literacy, particularly among young people. He pledged the full support of the Faculty and the University in working closely with the Center for Financial Literacy Education Africa and its partners to help the association achieve its objectives on campus.
Moreover, Mr. Peter Kwadwo Asare Nyarko, the Executive Director of the Center for Financial Literacy Education Africa and Lead TFAF Ambassador in Ghana and Africa, provided an insightful overview of the financial planning process. He guided the students in drafting their first comprehensive personal financial plan, highlighting the significance of organizing financial documents and the importance of understanding net worth, cash flow, employment benefits, and goal-setting. Mr. Nyarko also touched on topics such as financial independence, retirement planning, major expenditures, tax planning, insurance, risk management, and estate planning. He concluded his presentation with an annual financial checklist for the participants.
Mr. Kwame Appiah-Baah, a Consultant, Mentor, TFAF Ambassador, and Advisory Board Member, delved into the topic of planning for financial independence and retirement. He urged young individuals to grasp the laws and principles of money and adopt effective strategies to secure their financial future. Using the analogy of seed time and harvest, he emphasized the concepts of retention, multiplication, and diligence.
Furthermore, Madam Grace Kalira Ajongba, Head of the University Counseling Unit, enlightened the audience on essential life skills necessary for successful living. She highlighted the six key areas of life skills, including communication and interpersonal skills, decision making and problem-solving, creative and critical thinking, self-awareness and empathy, assertiveness and self-control, and resilience.
The conference also featured group discussions on various 21st-century relevant skills, such as digital marketing and IT skills, mindset and entrepreneurship, job interviews and CV development, leadership, responsibility, and ethics. These sessions were led by experts and seasoned professionals who equipped the students with valuable knowledge.
The event concluded with presentations by students from the university and Sunyani Senior High School, sharing the lessons they gained from the group sessions. They were recognized and awarded souvenirs for their courageous participation. Participants left the event equipped with a guide to develop their comprehensive personal financial plan, as well as current financial, estate, and gift plans, along with essential life skills for a successful career and life.
The event was made possible through the collaboration of the Center for Financial Literacy Education Africa, the Financial Awareness Foundation, and Sunyani Technical University.
