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0 The Financial Literacy Education Campaign (FLEC) being organized by GIZ and the Financial Sector stakeholders has been launched.
The programme forms part of the Support to the Private and Financial Sector (PFS) in Ghana project by GIZ.
The PFS is a 3-year programme that targets owners and employees of Micro, Small and Medium-sized Enterprises (MSMEs) working in service and manufacturing sectors in the Greater Accra, Ashanti, Bono, Bono East and Ahafo regions (target regions).
Speaking during the launch in Accra on Wednesday, July 10, the head of Programme Support to the Private and Financial Sector, GIZ Ghana, Dr Christian Jahn said that Financial illiteracy can hinder one’s ability to plan for the future, secure loans, or even understand the terms and conditions of basic financial services, ultimately perpetuating a cycle of poverty and economic vulnerability. Improved financial literacy will lead to an increase in the usage of financial products as well as the quality of financial products and services offered which can impact positively on the economy.
He further stated that equipping individuals with a better understanding of financial principles can lead to more prudent savings and investment behaviors as financially literate individuals are often in a best position to make better financial decisions
regarding savings, borrowing, investing, insurance, and planning for retirement.
“Even though Ghana has achieved a 96% financial inclusion in terms of Access, according to 2022 Financial Inclusion Report, there is the need to increase the level of financial literacy in order to maintain the gains made with respect to financial inclusion. The Ghanaian population is now, more than ever, ripe for financial literacy and education.
Ladies and gentlemen, in 2022, under the previous Programme for Sustainable Economic Development-FSD phase, a stakeholder engagement birthed the need for another comprehensive and effective financial literacy campaign. GIZ is collaborating with the Bank of Ghana, GHAMFIN and its network members to embark on this nationwide campaign, which commences today until October 2024. A variety of communication materials appropriate for distribution on radio, television, and social media are anticipated to be included in the campaign,” he said.
He added “Through this campaign, we aim to increase the financial literacy of Ghanaians and highlight the pivotal role it plays in enhancing the overall financial
resilience of the economy, particularly in a country where a significant portion of the population work in the informal sector. GIZ is therefore excited about this campaign, which we foresee will bring tremendous amount of value to Ghanaians.”
A representative from the Ministry of Finance said that Financial literacy is one of the critical initiatives that the Government embraces to ensure that there is inclusive growth among the populace.
This has even become more critical with the recent challenges faced in the local financial landscape where individual financial decision making was challenged, she added.
She stated that this is evidenced that financial literacy is always relevant considering the growing complexities in the domestic and global financial markets, and the gap that exists between various financial consumers
“Government over the years has been making efforts to educate the citizens on financial matters.”
She further indicated that the government on 26th June, 2024, launched the Ghana Financial Inclusion Conference under the theme Accelerating Financial Inclusion in the Digital Era.
The platform provided the opportunity for various stakeholders in the financial ecosystem to deliberate on emerging trends and opportunities to guide policy towards a more inclusive and resilient financial system.
“Again I am pleased to announce that Government achieved 95% financial inclusion which exceeds the 85% financial inclusion target set for Ghana. Currently, there is a strong advancement in technology, diversification of financial services and products, and a technology savvy population which is mainly youthful hence the need to accelerate the level of financial inclusion as a country for overall economic growth and development.
10. To conclude, ladies and gentlemen, on behalf of Government, I want to appreciate the GiZ for this initiative to reach out and empower the populace through the FLEC programme and I wish you the very best in your education campaign,” she said.
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