CFLE Africa successfully observes 2024 Financial Literacy Month

April is comparable to the MVP (Most Valuable Player) in the world of money. It’s known as Financial Literacy Month. It’s a special time when we shine a spotlight on understanding how money works. 

In Ghana, Financial Literacy Month was launched in 2021 as an initiative of the Improving Financial Awareness and Financial Literacy Movement in Ghana.

The Movement is championed in Ghana by the Centre for Financial Literacy Education Africa, the Financial Awareness Foundation, and a growing number of strategic partners, including government agencies, corporate organisations, financial institutions, educational institutions, the media, and concerned parties. 

The Centre for Financial Literacy Education Africa and its strategic partners, including The Financial Awareness Foundation, the Ghana Association of Banks, the Chartered Institute of Bankers Ghana, KPMG, Deloitte, the GhanaThink Foundation, and many others, believe that in a world where financial decisions impact nearly every aspect of our lives, from budgeting and saving to investing and planning for the future, the importance of financial literacy cannot be overstated. 

In the rush of everyday life, we often forget about financial know-how, just like we ignore a pile of unopened mail at home. Amidst all the bills, jobs, and family duties, it’s easy to lose sight of managing our money wisely. Most of us figure out our finances through trial and error, learning as we go, and sometimes making mistakes. However, knowing how money functions is equivalent to having a trustworthy guide through the world of finances, steering us away from financial troubles.

Despite its importance, financial literacy levels remain alarmingly low across many demographics and geographical regions. A significant portion of the population lacks even basic financial knowledge, leading to costly mistakes and missed opportunities. Factors such as inadequate financial education in schools, cultural taboos surrounding money discussions, and misleading financial information contribute to this issue.

Fortunately, Financial Literacy Month serves as an annual reminder of the importance of financial education and the resources available to support individuals on their journey towards financial well-being. Whether you’re just beginning to explore the basics of personal finance or seeking to expand your investment portfolio, Financial Literacy Month offers a wealth of opportunities to enhance your financial literacy skills and take control of your financial future.

In the month of April, the Centre for Financial Literacy Education Africa embarked on several projects to help Ghanaians get and keep their financial house in order.

CFLE Africa partnered with the GhanaThink Foundation to run financial literacy community engagements known as Konnect Meetups across all six regions of Ghana. Young professionals gathered to have money conversations guided by financial experts and advisors from organisations such as the Chartered Institute of Bankers Ghana, Bayport Financial Services, Societel Generale Ghana, the United Bank of Africa (UBA), Access Bank, Prudential Life Insurance Ghana, and Axis Pensions. 

The Centre also partnered with Prudential Life Insurance Ghana, Axis Pensions, and SG Bank to embark on a university tour dubbed the Sika Sukuu Conference, visiting various universities and empowering the students to make sound financial decisions.

Again, the Centre for Financial Literacy Education Africa, Prudential Life Insurance Ghana, and others embarked on a community market outreach, visiting some busy market places to create awareness and educate market women and men. 

Governments, educational institutions, financial institutions, community organisations, and the media all played a role in promoting financial literacy during the month of April. 

Speaking to the media, Peter Asare Nyarko, the Executive Director of the Centre for Financial Literacy Education Africa, stressed that integrating financial education into school curricula, offering workplace-based financial wellness programmes, and providing accessible resources and tools for individuals are essential steps towards building a financially literate society.

Additionally, leveraging technology and digital platforms can enhance the reach and effectiveness of financial literacy initiatives, according to him. 

He further observed that mobile apps, online courses, interactive tools, and social media platforms offer innovative ways to engage individuals and impart practical financial knowledge in an accessible and user-friendly manner.

He believes that by taking advantage of the power of technology, we can enhance access to financial education and empower individuals to make informed financial decisions in an increasingly digital world. 

“At the Centre for Financial Literacy Education Africa, we believe it is time to recognise financial literacy as a fundamental skill for success and commit to making it a priority in our educational, economic, and social agendas.”

“October is our Estate and Gift Planning Awareness Month Campaign, and we call on all stakeholders, especially the legal and financial sectors, to join our effort and let’s promote financial literacy as a tool to end inherited poverty,” Mr. Nyarko added.