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Financial Literacy To Help Develop Ghana’s economy

Dr. Benjamin Amoah, a senior lecturer at the University of Ghana Business School (UGBS), has advised Ghanaians to improve their financial literacy skills as the month of April is dedicated to raising financial literacy awareness.

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 University of Ghana Business School with Mobile money Advocates Group MOMAG for Financial Literacy, as part of activities to make the month of April ‘Financial Literacy Month’.

He Said also held the view that being financially literate could help people to make informed decisions as to which people they wanted in business since they would be able to assess their programmes on the economy.

Mr. David Okyere Head of Agency banking for Fidelity bank 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 bank Mr. David Okyere Head of Agency banking for Fidelity bank 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.

The President of Mobile money Advocate Group MOMAG, Mrs. Maame Nyarkoa Addo advised banks to support financial literacy programmes that will help their customers make effective financial decisions.

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“Information is meaningless if the people for whom the information is meant cannot interpret and make use of it.

As bankers must 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 make decisions,” he said.

Financial literacy month

She said the financial literacy month sought to raise awareness of the importance of financial literacy education and empower an individual to make informed and effective financial decisions.

She 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.”

 

 

Story by Fada Amakye from Otec FM

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