Accra, Sept. 23, Africanews -- The Ghanaian Vice President, Alhaji A;iu Mahama has revealed that about 43 per cent Ghanaians had no knowledge of information needed to plan for their personal finances, but exhibited strong knowledge of savings, profit and personal budget.
Quoting for a national survey on financial literacy, the Vice President said a number of Ghanaians do not have correct information on what they need for successful financial planning.
Alhaji Mahama made this known during the launch of
the countries maiden "Financial Literacy Week", on the theme: "Financial Literacy...Knowledge Is Money."
He stressed: "There is a large section of our people who know
very little about investing about mutual funds, about private pension and about compound interest."
He challenged media organisations to partner the financial sector to provide financial literacy to the citizenry.
"I will go further to suggest that financial literacy should be taught in our schools starting from the basic schools."
Alhaji Mahama expressed astonishment that some shrewd people in society had allowed themselves to be influenced to part with their hard-earned money, through various financial scams such as 'Pyram', 'R5' and '419'.
He said financial literacy would encourage individuals and families to use their money prudently.
Alhaji Mahama observed that in the more developed countries experience had shown that financial literacy in a person's early life leads to financial independence and sound investment decisions.
Dr. Anthony Akoto Osei, Minister of State in-charge of Finance and Economic Planning said studies had shown that the youth between 18 and 30 years tend to know more about soccer players in the English premier league than about financial issues.
Dr. Osei said the awareness week would help Ghanaians to reach their personal and financial goals and deepen their confidence in all business transactions.
He said most often people acquired financial literacy through trial and error.
The week, which is also a novelty in Africa, is the brainchild of the Ministry of Finance and Economic Planning and would span September 22 to 28.
The week is in line with recommendations in Ghana's Financial Sector Strategic Plan, which recognises the need to improve the financial literacy
of Ghanaians in order to accelerate the deepening of the economy.
The literacy programme is expected to raise public awareness and enhance understanding of the range of products and services being offered by financial institutions.
end