A senior lecturer at the University of Ghana Business School (UGBS), Dr Benjamin Amoah, has urged Ghanaians to develop themselves to become financial literates as the month of April is dedicated to financial literacy awareness creation.
According to him, that could help deepen financial inclusion and eventually enhance the country’s economic growth.
Dr Amoah made the call at a news conference organised by the Center for Financial Literacy Education Africa, as part of activities to make the month of April ‘Financial Literacy Month’.
He also held the view that being financially literate could help people to make informed decisions as to which government they wanted in power, since they would be able to assess their programmes on the economy.
Dr Amoah said occasionally, monetary authorities such as the central bank publish information that contained macroeconomic variables such as interest rates, inflation and other monetary policy interventions aimed at informing the public about the status of the economy.
“Individuals who are financially literate stand a higher chance of making use of these fundamental economic indicators in their financing and investment decisions,” he said.
Speaking on the topic ‘Financial Literacy; a Tool for Wealth Creation and Economic Development’, a representative from the Chartered Institute of Bankers Ghana, Doris Ahiati, said to excel in financial planning, it was important for one to pay much attention to one’s health.
“You need some physical strength or good health to be able to convert the time, skills or qualifications into income generating activities. So the idea is to aim to have a balance; some money and good health so that you can enjoy the money you make.
“I want to encourage everybody to share the little knowledge they know about financial literacy with the people within our circles to help develop our economy,” she said.
Relevance of financial literacy to the banking sector
For his part, the Chief Executive Officer (CEO) of the Ghana Bankers Association (GBA), John Awuah, advised banks to support financial literacy programmes that will help their customers make effective financial decisions.
“Information is meaningless if the people for whom the information is meant for cannot interpret and make use of it.
As bankers, we have a duty of taking every opportunity to educate and make our customers understand exactly what banking products and services are available, and also try to understand
their situation to help take decisions,” he said.
Financial literacy month
The Executive Director for Center for Financial Literacy Education in Africa, Peter Asare Nyarko, said the financial literacy month sought to raise awareness on the importance of financial literacy education and empower an individual to make informed and effective financial decisions.
He said financial literacy was a tool that would help develop the country’s economy, adding that “if every individual is financially equipped, the wealth created will reflect in the economy and promote growth in the country.”