The country’s youthful population understanding the intricacies of finance management and investment, experts say is crucial for future financial independence.
As such, they called for a concerted effort to deepen financial literacy among the youth to develop the next generation of investors to support the growth of the capital market which will significantly impact economic development.
The experts including the Managing Director of the Ghana Stock Exchange, Abena Amoah, dean of students, at the University of Ghana Business School, Prof. J. N. Bawole, the Chief Executive Officer of Central Securities Depository Ghana, Michael E. Mensah, the CEO of NIMED Capital, Abena Brigidi and the executive director of the Young Investors Network (YIN), Kofi Kyei Busia further argued that financial literacy is a vital life skill that empowers individuals to make informed decisions about their financial well-being, hence in today’s rapidly changing economic landscape, young people must be equipped.
Managing Director of the Ghana Stock Exchange, Abena Amoah elaborated that, the youth who are the future leaders need to understand the intermediary role the financial markets play in moving surplus funds to deficit fund units to make funds available for individuals, institutions, and governments to expand and grow to support the economy.
In a speech read on her behalf by the Head of Marketing & Public Relations at GSE, Jerry Boachie-Danquah at the launch of youth investment programmes in Accra, she stated: “The journey to embed financial literacy across the country is a very audacious one and we need the support of corporate Ghana to reach out to more of our youth to build a prosperous nation”.
Executive director of the Young Investors Network (YIN), Kofi Kyei Busia is confident that by instilling financial literacy at a young age the country is setting the stage for a more financially secure future.
“When young individuals learn to allocate their resources wisely save for emergencies and invest for the long term, they create a strong foundation for their financial independence. We must collaborate to integrate financial education into our education system provide accessible resources and create a supportive environment for young individuals to learn and grow,” he said.
Meanwhile, Micheal Mensah of CSD highlighted that a low level of financial literacy is a challenge of the current financial landscape hence the need to deepen knowledge of the ecosystem in the quest to guarantee financial independence.
He added that though recent happenings in the landscape post doubt, investing in the financial market is ideal.
The youth investment programmes launched include an investment educational tour to tertiary institutions aimed at educating the youth about savings and investment and introducing them to the operations of the capital market and its key operators like GSE, CSD, National Pensions Regulatory Authority (NPRA) and the various career options in the industry.
Also, Stock Market Pitch Competition, which is about creating a platform for students in tertiary institutions to learn how to make a business case for investors to invest in a particular company’s shares.
Finally, a Capital Market Quiz targeted at senior high schools to create awareness about activities of the capital market and whip up their interest in investment and entrepreneurship.
Cloe Bowen of the YIN advisory board disclosed that complementary life skill training to support young people will be added and the learning pillars will begin with self-awareness, awareness of others, collaboration and leadership. Additional modules will also cover confidence-building and practical skills for young entrepreneurs and aspiring Small and Medium Enterprises (SMEs) founders.
The ambition this year is to reach out to over 10,000 students. Last year through these three programmes, 37 Tertiary and Senior High Schools were visited and over 5000 students were reached.