Center for Financial Literacy Education, Africa (CFLE Africa), International Improving Financial Awareness & Financial Literacy Association at University of Ghana Business School (The FA Association) and its partners have successfully completed a month-long financial awareness and literacy campaign to deepen its sensitisation and education in the country.
The campaign dubbed ‘Financial Literacy Month in Ghana’ which span throughout April 2021, was aimed at substantially improving financial awareness and financial literacy across all ages, incomes and demographic groups.
According to Executive Director, CFLE Africa, Peter Kwadwo Asare Nyarko, the mission behind the Financial Literacy Movement (FLM), is to significantly help solve a major social problem of dealing with the lack of financial awareness alongside financial illiteracy epidemic in the country.
He indicated that CFLE Africa and The FA Association have taken an active leadership role to recognize thought leaders and stakeholders that are and should be championing improving financial awareness and financial literacy.
“We unite them with other associations, non-profit organizations, educational institutions, municipalities, employers and the news media to actively focus our vast community resources into FLM and its concentrated personal finance content,” he said.
He further stated that April being known as Financial Literacy Month and October as Estate & Gift Planning Awareness Month, The FA Association has put together a plan to touch everyone – the general public, every women, man and child, rich or poor at least twice a year through these strategic avenues with educational and motivating materials, and reminders to keep their financial house in order.
After the month long sensitisation campaign that kick started with a press launch held at University of Ghana Business School and hosted by CFLE Africa, The FA Association, and The Financial Awareness Foundation (TFAF), as well as other partners including Axis Pension Trust, PALI Global, Pro Patria Ltd, High School Gh, and others strategic partners and stakeholders including representatives from Bank of Ghana, Ministry of Finance, EDC Investments Limited and KPMG Ghana, have significantly increased the level of financial literacy among all groups.
This was done through various virtual seminars, media campaigns and community outreaches as well as social media campaigns by strategic partners, interviews and speaking engagements to address issues of finances and money management.
Another significant event that took place during the campaign was the collaboration between CFLE Africa, The FA Association, and National Commission for Civic Education (NCCE – La- Nkwantanang, Madina division) to embark on a financial awareness and financial literacy community outreach at Madina Market Center, a team of about 40 volunteers engaged over 300 market women and men on financial awareness and financial education to help them get and keep their financial house in order.
It was released that most market women have lost confidence in financial institutions and this has led to no savings, or if they do, they save in their homes. The movement addressed most of their concerns and advised them to get and keep their financial house in order.
Peter Kwadwo Asare Nyarko, the lead for The Improving Financial Awareness and Financial Literacy Movement in Ghana and the Executive Director for CFLE Africa and TFAF Ambassador believes financial awareness and financial literacy can help solve many social challenges while improving the quality of life for all Ghanaian’s and their businesses.