Financial literacy education must be simpler, more inclusive – John Awuah

At the 3rd National Financial Awareness and Literacy Conference, held at the University of Ghana on Saturday April 12, and organised by the Centre for Financial Literacy Education (CFLE Africa), John Awuah, CEO of the  Ghana Association of Banks, made a compelling appeal for the simplification of economic and financial discourse as a cornerstone for enhancing financial literacy across the country.

Addressing participants and the media, Mr. Awuah, who is also the Chairman of CFLE Africa’s Advisory Board emphasized that the ability to make sound financial decisions should not be limited to those with formal education or access to professional advice.

“It’s extremely important that as individuals and as businesses, we understand what is going on around us—the economic issues around us,” he stated.

“When the Minister mounts the dais to speak about the budget, we should all be interested in it because… what happens in the economy can potentially affect you,” he added.

He underscored the direct connection between national economic policies and the financial well-being of individual citizens, citing how even prudent investors were affected by systemic changes such as the Domestic Debt Exchange Programme (DDEP). “There are people who are so diligent at their investments, but because of what happens, the circumstances of the country, they also were affected.”

Mr. Awuah underscored the importance of presenting economic information in clear and accessible language, particularly by public officials. He noted that the technical nature of economic discourse often poses a challenge even for professionals, making it even more difficult for individuals without formal education to understand.

He stressed that financial literacy must begin with inclusive communication that enables all members of society, regardless of their educational background, to grasp key economic concepts.

“That is the beginning of financial literacy—understanding what you are entering into,” he submitted.

Throughout the event, the GAB CEO reaffirmed the banking sector’s commitment to supporting financial literacy initiatives, noting his Association’s sponsorship of the conference.

He emphasized that such education must extend beyond current clients to entire communities. “We need to touch the lives of everyone that we interact with. The people we bank also live in communities, and they can be agents of change.”

While April is officially recognised as Financial Literacy Month, Mr. Awuah asserted that the agenda must continue throughout the year. He disclosed that in October, the CFLE will be marking the gifts and estate planning month.

Addressing the conference theme, he emphasized that true financial success lies not just in accumulating wealth but in using it to positively impact others and support community development.

“As we build financial success, we must not forget our communities and the importance of societal development. The true measure of success is how we use our resources to uplift others and contribute to the betterment of our community.”

Reinforcing Mr. Awuah’s message, Peter Asare Nyarko, Executive Director of CFLE Africa, encouraged financial institutions to prioritise long-term financial literacy initiatives. He highlighted the role of financial education in driving demand for financial services and suggested that banks redirect part of their marketing expenditure toward supporting these efforts.

“Most of the banks prefer to sponsor entertainment events rather than financial education campaigns. That has been a real challenge,” he lamented.

Mr. Nyarko reported that CFLE Africa has reached over 12 million Ghanaians through strategic partnerships, market outreach initiatives, and media engagements. Nevertheless, he acknowledged key obstacles, particularly inadequate funding and limited volunteer support.

Various speakers at the conference reiterated the need for early integration of financial literacy into the education system and urged the government to invest in nationwide campaigns to nurture a financially informed population.=