National Financial Literacy Strategy In The Offing

monnarA National Financial Literacy Strategy (NFLS) to ensure that financial education is carried out in a sustainable manner is being developed by the Ministry of Finance and Economic Planning.

Expected to be completed by the end of the year, it is also to ensure that tailor-made products are developed for the un-banked.

The Deputy Minister of Finance, Mrs Helen Mona Quartey, who disclosed this during the opening of the National Financial Literacy Week in Accra on Tuesday, said the NFLS had become necessary as a lot of Ghanaians did not have access to financial services.

According to the deputy minister only 29 per cent of Ghanaians had access to financial services, far below 55 per cent in East Asia.

Mrs Quartey entreated the citizens to cultivate the habit of savings to ensure their future financial security and that of the country.

She said the financial health of the individuals and households contributed greatly to the health of the economy.

“Individuals and households spending, saving and investment significantly impact on economic growth. These milestone decisions we make throughout our lives ultimately affect our financial security and the security of our domestic economy,” she said.

Consequently, Mrs Quartey stressed the need to intensify financial education to help the citizenry to make informed financial decisions, and it was against that backdrop that government introduced the NFLS to educate the citizens on the importance of savings.

Mrs Quartey advised Ghanaians to desist from saving with financial institutions which had not been approved by the Bank of Ghana.

The Deputy Commissioner of the National Insurance Commission (NIC), Mr Simon N. Davor, in his remarks said insurance was crucial to secure one’s future and advised every individual to insure their lives and properties.

The Deputy Commissioner disclosed that the NIC had begun an insurance sensitisation program-me to educate the citizenry especially drivers on the need to insure their vehicles.

Mr. Davor also hinted that the NIC had begun an exercise to enforce the insurance regulation which made it mandatory for owners of commercial properties to insure those properties.

Mr Adu Anane-Antwi, the Director- General of the Securities and Exchange Commission (SEC) said investment education should be taken seriously because the ability of the investors to make decision depended on their knowledge on financial issues.

He said SEC was collaborating with the Ministry of Finance to establish Ghana Investment and Securities Institute to provide education on finance and investment.

Mr. Antwi urged the Ghana Water Company Limited,Volta River Authority, Airport Company Limited, to use the capital market to raise revenue to finance their operations.

The Chief Director of the Ministry of Finance, Major (Rtd) Mahama S. Tarahin, in his welcome address said government was committed to the financial literacy of the citizens.

He said poverty could be addressed if the citizens were educated to take prudent financial decisions.

He said the week-long programme, which will end on Sunday, is on the theme “Financial literacy: Key to a secured future”.

Among th.e activities outlined for the fourth NFLW programme include drama on financial literacy, lectures and symposiums and a talking point on GTV.

By Kingsley Asare

 

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