Students urged to imbibe savings culture

Benjamin Torsah-Klu is Chief Economic Officer, Ministry of Finance

University students across the country have been encouraged to start planning their financial wealth while they are in school, in order to be financially independent and fulfilled in the future.

This will also afford them better lives and avoid instances of depending on friends and family, and also going for loans to solve emergencies and unforeseen occurrences.

Speaking during a student engagement as part of the Ghana Financial Sector Development Project (GFSDP) at the Kwame Nkrumah University of Science and Technology (KNUST) in Kumasi, which seeks to promote financial sector soundness and access to financial services by individuals, Chief Economic Officer at the Ministry of Finance, Benjamin Torsah-Klu, revealed that financial wealth in the country is on the low.

Therefore, it is only prudent to start educating young ones on the need to secure their future finances by proper planning at an early age.

“Planning for your future at this age is very key in our individual lives. We are here to let you know how to plan your finances, budget; how to go according to your budget, how to make sure that you don’t veer off, and to plan for your future.

“Aside from that, we know when you have an emergency you need to fall on money. So, how do you cater for yourself? It is better saving than going to take a loan or running to your friend to give you money when you all know that times are hard,” he emphasised.

The students came from selected tertiary institutions in Kumasi and were educated on Savings, Credit, Digital Financial Services, Insurance, Investment and Ponzi Scheme Operations, Retirement and Pension Schemes as well.

A representative from the Bank of Ghana, Augustine Donkor, on his part encouraged the students to imbibe the habit of saving – and also invest their savings to earn more money. He however cautioned them to do so with Financial Institutions properly accredited or registered with the Bank of Ghana; and when it comes to investments, with the Securities and Exchange Commission (SEC) – which is the regulator of these institutions.

He assured the students that Financial Institutions in the country have become more resilient after the financial sector clean up in 2017.

Touching on Insurance, Kyeame Ghansah of the National Insurance Commission (NIC), also explained to students the importance of insurance and the need to purchase it to avoid being stranded in case of disasters and unforeseen emergencies.

The Financial Secretary of the Students Representative Council (SRC), Justice Anane Gyamfi – who represented the SRC president, expressed appreciation to the Finance Ministry for the education.

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