Financial Literacy week begins on September 28

Accra, Sept. 24, GNA - Ghanaians will have the opportunity next week to deepen their understanding on the need for good management of personal finances as experts in the financial services industry begin a week of public education.

The Financial Literacy Week, from September 28-October 4, is the brain child of the Ministry of Finance and Economic Planning to raise awareness and enhance understanding of the public about the range of products and services being offered by financial institutions. The maiden one was held in September 2008.

Dr. Sam Mensah, Technical Advisor to the Ministry of Finance and Economic Planning, said at a media briefing in Accra on Wednesday that the week would help consumers to better understand the need to manage their finances.

It will be held on the theme: "Financial Literacy-Knowledge Is Money."

The event will have inputs from financial experts and institutions such as the Association of Bankers, National Insurance Commission, Ghana Insurers Association and Securities and Exchange Commission. Celebration of the week is in line with recommendations in Ghana's Financial Sector Strategic Plan, which recognises the need to improve the financial literacy of Ghanaians to accelerate financial deepening in the economy.

Dr. Mensah said lack of knowledge of financial and investment opportunities was preventing majority of people from accessing benefits from the sector.

He noted that when people were enlightened about the various opportunities in the financial sector; it could help increase savings and investment to support the growth of the economy. Ghana's savings and investment rates have been consistently below levels needed for accelerated growth and poverty reduction because of widespread misconception among the population that only the highly educated people could access financial services such as savings, loans and investments offered by the banks.

The week, therefore, will equip the people with the tools and techniques for finance management and create opportunities and options for personal business and professional growth. There would be informative broadcasts on national radio and television as well as a National Senior High School Quiz on financial literacy and a public forum.

Experts from the Finance Ministry, Bank of Ghana, the country's Securities and Exchange Commission and the Ghana Insurers Association would be on hand to answer audience's questions at the forum.