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“An informed borrower is simply less vulnerable to fraud and abuse. This is why there is the need to acquire the necessary and appropriate knowledge in order to make financial decisions,” said Fifi Kwetey, Deputy Minister of Finance at the third National Financial Week in Accra.
Seeking financial education is necessary to help individuals to create household budgets, initiate savings plans, manage debts and make strategic investment decisions for themselves and their families with regard to retirement and property acquisition.
However, few Ghanaians have had the opportunity to learn the basics of financial management in school.
The deputy minister was of the view that people should take advantage of opportunities to learn about personal financial skills as “consumers who are financial literate are in a better position to make effective financial decisions.”
He hinted that “experience in more developed economies has shown that financial education early in a person’s life leads to financial independence and sound investing decisions.”
To instill financial education at an early age, he hinted that the Ministry was revising the social studies, management in living and business management syllabi for Senior High Schools to make it a part of the educational curricula.
In line with this, the Ministry of Finance and Economic Planning, in collaboration with the Ghana Education Service (GES) and the German International Cooperation, has developed detailed course content under ‘personal financial education for senior High Schools in the country.
Additionally, a draft content for the study of the subject as well as other learning materials have been developed.
“The expectation is to equip students at the senior High School level with adequate knowledge of basic financial issues to enable them to make informed financial decisions as future customers of financial services providers.”
By Emelia Ennin Abbey