The Alliance of Financial Literacy Organization (AFLO) has said there is a crucial need for government to inculcate financial literacy in the country’s educational curriculum.
This has deemed necessary to prepare students on how best to manage their financial lives.
The President of AFLO, Ms. Sedinam A. Ameku made the call at a press briefing on the theme: “Revamp Financial Literacy Agenda in Ghana,” and explained that financial education enabled an individual to know the basics of budgeting.
The Alliance said the initiative would help the students to better understand financial issues from the basics and make an informed decision.
Financial literacy has a positive impact on the micro and macro-economic development of an economy. The breakthrough of an economy depends on the financial wellbeing of its citizenry.
According to Standards & Poor’s Financial Literacy Survey (2018), only 36 percent of adults are financial literates.
Ms. Ameku noted that an understanding of interest rates, prioritizing savings and investment, and identifying financial theft issues and safety were key for the economic development of businesses.
“When sound and informed financial decisions were made, it improves the desire and capacity of an individual to take charge of his or her financial life,” Ms. Ameku said.
“We envision to be the largest network of financial literacy organizations and advocates that amplifies financial education in Ghana. Our objectives are to create a platform for synergy, partnerships and collaboration, to lobby for policies affecting financial literacy and to embark on nationwide public financial awareness creation and education,” She stated.
To this end, the Association presented a comprehensive petition to the Government through the Ministry of Finance. The petition to the Government through the Ministry of Finance, amongst other things, is to request for a statutory declaration of a financial literacy month in Ghana and the mandatory observation of the month by not just financial institutions but also the citizenry.