Financial literacy must be part of curriculum from basic level – Dr. Frimpong


…as Accra Academy wins 2022 Capital Market Quiz

To ensure that financial literacy increases among the citizenry, Advisory Board Chair for Financial Literacy Africa, Dr. Richmond Frimpong, has said it has become necessary for financial literacy be made part of the educational curriculum from the basic level through to tertiary education.

According to him, there is a gap in the country’s financial literacy, and that creates room for disruptions in the financial markets. He said that if financial literacy is made simple to understand at the basic level, then that will be part of the growth for students – which will deepen their understanding as they climb further up the educational ladder.

“And so it must start all the way from the basic level, where financial literacy is broken down and made relatable to everyday matters. It has not been like that because financial literacy, financial markets and things have been ‘up there’ and only heard in the business news – and at that level, jargon and terms are not relatable. But financial literacy goes down to money matters, money habits and how things are done practically to make the nation do well.

“And so it’s a good intervention, but it must be restructured and the nation must adapt it properly so it come into our curriculum all the way from the basic level to the tertiary: so that the transitioning from tertiary into everyday life and the real matter of SDG goal 1 of no poverty can be made relevant through financial literacy and people’s ability to understand the financial markets.

“The concept is great; even though it is late in coming, it’s better late than never. So the nation should pay attention to this, because the entire financial ecosystem sits on the ability of the citizenry being financially literate about the financial system. When there is a gap in the literacy rates in the capital markets, that is what creates the disruptions we see with Ponzi schemes,” he said during the final stage of the 2022 Capital Market Quiz held in Accra.

Dr. Frimpong said when understanding about the financial market increases, then the savings and investment culture improves – which in turn contributes to the country’s GDP. He indicated that the programme must be nationwide, while calling on stakeholders in the financial markets to also come onboard to support the initiative.

The 2022 Capital Market Quiz

The 2022 Capital Market Quiz ended with four schools making it to the finals, out of which Accra Academy emerged overall winner for the competition – defeating Legon PRESEC, St. Johns Grammar School and the champions from last year, West Africa Senior High School.

They will receive mentorship training with Absa Bank as well as participating in a job shadow. They also stand a chance of going for internship programmes outside the country to build their capacity.

The Capital Market Quiz is an initiative that challenges senior high school students to increase their knowledge of savings and investment activities on the capital market, and entrepreneurship. It is expected to support the GSE and its partners’ efforts in preparing the next generation of investors to create wealth and support development of the capital market in Ghana.

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