The Chief Executive Officer of the Ghana Association of Banks (GAB), John Awuah, has petitioned educational authorities in Ghana to help promote financial literacy in various schools by providing financial literacy teaching materials.
In his keynote address at the National Financial Awareness and Financial Literacy (NFAFL) Conference held on March 15, 2024, John Awuah highlighted that financial literacy education at various educational levels will help individuals make informed financial decisions.
He further said that the provision of financial literacy teaching materials to encourage financial literacy education will assist in raising financial literacy in a strong economic society.
“Embracing this initiative is pivotal in equipping our students with the essential life tools and understanding needed to navigate the complexities of personal finance, thus empowering them to make informed financial decisions and secure their financial futures, he said.
“By instilling financial literacy from a young age, we are laying the foundation for a financially literate and economically resilient society,” he added.
Mr. Awuah asserted that when much emphasis is placed on financial literacy education, it will lead to financial literacy inclusion, which will eventually build sustainable communities of financial literacy and inclusivity.
He also stated that financial literacy education serves as a catalyst for fostering widespread economic prosperity across the nation, as individuals equipped with financial knowledge and skills will ensure financial stability, economic growth, and development.
“With a more financially literate population, individuals can readily explore the available financial instruments within the system, thereby improving inclusivity.”
“Thus, investing in financial literacy initiatives is an indispensable strategy for sculpting a robust and resilient economy for generations to come,” he noted.
He hinted that GAB will, in the coming months, partner with fintech companies to develop financial tools and technologies to help promote financial literacy and inclusiveness among customers of banks and the public at large.
The NFAFL conference also witnessed two levels of panel discussions, both aimed at driving home the financial literacy agenda.
The first session was under the sub-theme “Building Sustainable Communities of Financially Aware, Financially Literate, and Inclusive Citizens: The Role of Stakeholders.”
Moderated by TV host Okyere Darko, it featured discussants such as Robert Dzato, CEO of the Chartered Institute of Bankers Ghana; Professor Enoch Opoku Antwi, Dean of Business and Communication Arts, Academic City University College; Florence Aba Dadzie, Personal Financial Planner and Business Development Executive; and Reindorf Annor, Partner Accounting Advisory Services, KPMG.
The second session assembled personalities such as Thomas Asampong, Head of Micro Insurance, Prudential Life Insurance Ghana; Priscilla Ashiam, Head of CSR & Sustainable Development., SG Bank; and Kwame Ababio Amponsah, Head of Sales, Axis Pension Trust, deliberating on the issue of “Building Sustainable Communities of Financially Aware, Financially Literate, and Inclusive Citizens: The Role of Financial Advisors and Financial Products Providers.”
This was moderated by Mimi Anane-Appiah, a financial coach.
The National Financial Awareness and Financial Literacy (NFAFL) Conference is an initiative of the Centre for Financial Literacy Education Africa, a not-for-profit professional organisation that develops and promotes financial awareness and financial literacy skills in Africans, especially young Africans.
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