National Financial Literacy Week opens in Accra

The National Financial Literacy Week to provide Ghanaians the opportunity to deepen their understanding on the need for good personal financial management opened in Accra on Monday.

The week-long celebration, June 11-17, would allow experts in the financial services industry to educate the public on the various financial services products.

It is on the theme: “Financial Literacy-Creating Wealth and Financial Stability”, and would feature the different segment of the financial sub-sectors, the banking industry, insurance industry and the securities industry, to undertake various financial education programmes.

The celebration was instituted by Ministry of Finance and Economic Planning to raise awareness and enhance public understanding of the range of products and services being offered by financial institutions.

The activities include informative broadcasts on radio and television stations across the country, as well as a National Senior High School Quiz on Financial Literacy.

There will be a public forum on finance to be held simultaneously on Friday, June 15 in selected locations in six regions; Greater Accra, Ashanti, Brong-Ahafo, Northern, Western and Volta.

The maiden celebration was held in September 2008.

Mr. Fiavi Fiifi Kwetey, Deputy Minister of Finance and Economic Planning, addressing the opening session said education was critical to equip consumers with requisite knowledge to make wise financial decisions.

He said education could help provide citizens with the financial knowledge necessary to create households budgets, initiate savings plans, manage debt and make strategic investment decisions for themselves and the families.

Mr. Fiifi Kwetey said Ministry of Finance and Economic Planning in collaboration with Ghana Education Service had developed detailed course content under ‘Personal Financial Education’ for Senior High Schools, and the draft content for the teaching and learning materials had been developed.

He said the expectation was to equip students at the Senior High Schools level with adequate knowledge of basic financial decisions as future customers of financial services providers.

He said the core of financial education was the basic principles of having the knowledge, understanding, skills, motivation and confidence to make financial decisions, adding that financial literacy was meant not only for sophisticated consumers or investors.

Mr. Fiifi Kwetey said the variety and complex financial products on offer in the marketplace called for efforts to ensure consumers better understanding the need to manage their finances.

Mr. Adu Anane-Antwi, Director-General of Securities and Exchange Commission, said a comprehensive investor education plan was being put together to target identified groups from both the supply and demand side of the market.

“We believe that with the right funding, we could achieve our aim of ensuring that the future of Ghanaians are secured through wealth creation using capital market as the hub for achieving this,” he said.

Mr. Anane-Antwi said investor education and financial literacy were effective deterrent against investment scams which could help the SEC achieve its investor goals.**