Financial Literacy week begins Monday

The lack of personal financial literacy in the country has been a major hindrance to the development of the financial sector, and the economy.
To this effect, the Ministry of Finance and Economic Planning, in collaboration with players in the financial industry, would on Monday (September 22nd 2008) launch a Financial Literacy Week in Accra, aimed at educating the general public to improve their financial literacy skills, in order to make informed decisions.
The week-long celebrations, became possible, based on Recommendation 98 of the Finance Sector Strategic Plan (FINSSP), which states that “Regulatory agencies and the Ministry of Finance, should launch an annual Financial Literacy week, in cooperation with industry associations and financial institutions, to raise awareness of the range of products and services available to consumers, to help them better understand and manage their finances.”
The idea of this initiative, according to a Technical Advisor to the Ministry of Finance and Economic Planning (MOFEP), Dr. Sam Mensah, was to focus attention, each year, for one week on financial literacy.
The initiative, which begins on Monday, September 22nd 2008 and ends on September 27th 2008, also aims to facilitate savings mobilisation, by bringing a larger proportion of the society into the financial system.
Consumers would also have the opportunity to be educated on the role of the regulatory agency, the characteristics of the products and services offered by the industry, and remedies available to consumers, who have grievances against industry practitioners.
“Financial literacy should be part of any comprehensive strategy to develop the financial sector, and to achieve accelerated growth and poverty reduction,” noted Dr. Mensah.
Major stakeholders to engage consumers in the week long literacy awareness program, include the Association of Bankers, Insurers Association, Ghana Securities Industry Association, Credit Union Association, Association of Rural Banks and consumer associations. Activities for the week-long programme include Radio and Television Panel discussions (Investing in Shares and Bonds), public education and outreach, Bizliteracy workshop (Saving to build wealth, managing your money), public forum (knowledge is money) and Community financial fitness day