GES urged to integrate financial literacy into curriculum of second cycle institutions

Peter Schuessler, Country Representative of the German Sparkassenstiftung Western Africa (DSIK), has urged the Ghana Education Service (GES) to incorporate financial literacy into the curriculum of second-cycle institutions.

He emphasized that such education was essential for equipping students with the knowledge to save and manage their finances effectively, which was crucial for future endeavours in education, entrepreneurship, and housing.

Speaking at an event to celebrate “World Savings Day,” Mr. Schuessler highlighted the importance of teaching young people about saving to secure a brighter future.

The event, held on the theme “Smart Savings, Brighter Future,” brought together students from various schools in the Winneba Community, including Winneba Senior High School, Apam Senior High School, and Uncle Rich Senior High School.

The celebration featured a range of activities, including debates, art displays, and a poetry recitation competition, showcasing the talents and creativity of the students.

Mr. Schuessler noted that establishing savings clubs in second-cycle institutions could spark greater interest in financial literacy among students.

He urged GES to leverage those clubs to foster a culture of saving, explaining that they serve as a practical starting point for tutoring young people about the principles of saving.

Mr. Schuessler called on financial institutions to collaborate with the GES to regularly organize financial literacy programs in schools, ensuring that students receive consistent and valuable education on managing their finances effectively.

“Financial institutions such as the Credit Union must collaborate with the schools and the savings club to organise a sensitization event with the students in primary and secondary schools.

“The sensitisation must focus on training and discussing some basic concepts on financial literacy, “said.

In an interview with the media, Dr. Bernard Bingab, Chief Executive Officer of the University of Education Credit Union (UEWCCU), highlighted that an unstable economy, marked by high inflation, often discouraged saving among the populace.

He urged parents to promote a culture of saving among their children, explaining that that practice would help foster independence and reduce reliance on parental support.

Dr. Bingab emphasized that savings are crucial for financing entrepreneurial initiatives, urging the youth to prioritize saving to secure funds for their future endeavours.

He also noted that while there was a growing focus on Technical, Vocational Education, and Training (TVET), it was essential for financial literacy to be integrated into the educational framework to prepare students for financial responsibilities.

Dr. Bingab pointed out that integrating financial literacy into Technical, Vocational Education and Training (TVET) could help bridge the financing gap faced by entrepreneurs in the country.

Mr. Alexander Schamm, a representative of the German Embassy, urged the youth to prioritize savings to build resilience and better equip themselves to handle unforeseen challenges and crises that may arise in the future.

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