The Centre for Financial Literacy Education Africa (CFLE Africa) has launched the 2024 Estate and Gift Planning Awareness Month and hosted the second edition of the National Estate and Gift Planning Awareness (NEGPA) Conference.
Speaking at the event on 18th October in Accra, Peter Asare Nyarko, Executive Director of CFLE Africa, highlighted the importance of estate and gift planning for individuals, businesses, and the broader community.
Theme
According to Mr. Nyarko, this year’s theme, “Estate and Gift Planning: An Instrument for Wealth and Sustainability; Giving Back Means Giving Forward,” resonated with the audience, encapsulating the critical role of estate and gift planning in shaping the future. Mr. Nyarko emphasized the theme’s significance, explaining, “As business owners, professionals, students, and community members, we are entrusted not only with building wealth but ensuring that the fruit of our labour endures beyond our lifetimes.”
He explained that the idea of “giving back means giving forward” emphasizes that passing on accumulated wealth—whether through business, real estate, or intellectual assets—goes beyond transferring material possessions, noting it provides others with the opportunity to build, grow, and sustain their future.
Importance of Estate and Gift Planning
Mr. Nyarko urged participants to consider the long-term impact of their wealth, stressing that estate and gift planning is vital to ensuring that legacies serve as the foundation upon which future generations can stand and thrive.
Mr. Nyarko spotlighted the crucial role family businesses play in Ghana’s economy, adding that whether large manufacturing companies or small local enterprises, these businesses represent the lifework of generations. However, he warned that without proper planning, these legacies could be lost.
“Through estate and gift planning, we ensure that wealth is preserved, properly managed, and passed on in a structured way. It allows us to protect businesses and assets from unnecessary taxation, legal challenges, and conflicts within families,” he said.
He also emphasized the need for a business succession plan, which ensures that businesses not only survive but thrive in future generations.
Philanthropy was highlighted as a critical component of estate and gift planning. CFLE Executive Director explained that by establishing charitable trusts and foundations, individuals can dedicate part of their legacies to societal causes.
“By making planned donations, we can ensure that part of our legacies is dedicated to causes that improve societies, such as what CFLE Africa is embarking on—financial literacy education, healthcare, and community development.”
He urged attendees to take action and plan early to ensure the smooth transfer of their wealth.
“Planning early means you are minimising risks—preventing disputes among families, protecting assets from creditors, and ensuring that wealth is transferred according to your wishes. Planning early means maximising impact—ensuring your hard-earned wealth continues to grow and benefits future generations,” he said
He also stressed the importance of collaboration with legal, financial, and tax professionals in navigating the complexities of estate planning.
“With expert advice, you can be assured the wealth you have built is safeguarded and that the next generation is prepared to manage it wisely”, he added.
Impact and Challenges
Reflecting on CFLE Africa’s achievements, Mr. Nyarko highlighted the organization’s growing reach impacting over 10 million Ghanaians since it was established 4 years ago.
“Recently, we launched our annual report for 2023/2024, and in that report, it was estimated that we have touched over 10 million Ghanaians. These are people who now have an idea about how they can plan their finances and how to plan their estate,” he revealed.
Mr. Nyarko further stated that a survey after last year’s conference showed the initiative had a positive impact on people from different backgrounds.
“We have students who have written their wills and students who are now thinking about their successors and legacy building,” he shared.
Despite these achievements, Nyarko acknowledged the challenges the organization faces, particularly in terms of logistics and resources. To this end, he called on the government and key ministries to support CFLE Africa’s ‘bold vision’ of reaching out to every Ghanaian with financial literacy education
John Awuah, Executive Director of the Ghana Association of Banks and newly appointed Chairman of the CFLE Africa Advisory Board, highlighted the critical need for financial literacy education across Ghana in, underscoring the organization’s goal to reach every Ghanaian with financial education.
Mr. Awuah stressed the importance of discipline in managing finances, saying that without careful planning, even those earning high incomes can find themselves struggling with expenses
He pointed to the success of April’s Financial Literacy Month, where CFLE Africa engaged directly with the public through street and market outreach, as well as in churches and communities. However, he acknowledged the financial costs involved in sustaining these efforts and called for broader support.
“We are asking for support from well-meaning Ghanaians to help CFLE Africa reach even more people.”
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