Massive Education Needed To Reduce Financial Waste Among Ghanaians
Chief Executive officer of the Gold Coast Fund Management, Kwame Ofori Assumaning is advocating for financial literacy programmes to reduce what he says is financial waste among Ghanaians.
He holds the view a lack of education is making the average Ghanaian spend unnecessarily without investing.
Speaking to Goldstreet Business during a family day event organized by the Gold Coast Fund Management, Ofori Assumaning said teachings on financial literacy is the key to financial inclusion.
He explained “we have been around for 25 years. So what we need to do now is to educate and bring more financial literacy programmes so that people can manage their funds very well. We also need the right structure and the right environment, so that people will be investment conscious and invest more to cut down on financial waste.”
“There is a lot of waste in the system. The average Ghanaian has two phones spending so much on credit. People need to be educated on the skills and art of saving to help them grow their businesses and set more jobs for people to have financial freedom. Financial literacy leads to financial inclusion and that will lead to capital formation and then economic transformation,” Ofori Assumaning explained.
The programmes, he says, will also ensure financial inclusion following reports that 65 percent of the Ghanaian population is still unbanked.
Vice President Dr. Muhammadu Bawumia has begun a campaign to ensure that this population is included in the financial system and he has directed the Ghana Interpayment Settlement System, GhIPPS, to lead the way in the promotion of interoperability among banks and mobile money operators.
The company held its maiden Family Day event at the Lizzy sports complex to bring staff members and their families together to have fun and bond.
“We believe that our family must work together building relationships and bond. We are breaking from the normal hardworking back and forth. So we come together to have fun and at the same time know each other,” Ofori Assumaning stated.
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