Calls intensify for financial literacy in schools
Dr Eric Boachie Yiadom, a Financial Economist, has called for the establishment of investment clubs in second and third-cycle educational institutions as a practical approach to enhancing financial literacy among young Ghanaians.
He said formalising investment education through student-led clubs would equip learners with hands-on experience in savings, investments and financial decision-making.
That would help reduce vulnerability to scams and poor money management.
Dr Yiadom made the suggestion at a financial literacy conference in Accra on Saturday.
The conference was on the theme: “Building Wealth, Changing Lives, Strengthening Communities through Personal and Financial Education.”
He highlighted the effectiveness of investment clubs where students pool resources to invest in mutual funds or other ventures while learning collaboratively.
Dr Yiadom shared his own experience about how a similar initiative during his school years, exposed participants to both opportunities and risks.
He stressed practical exposure which was critical to building financial resilience.
The Financial Expert proposed a structured model where clubs operated under guided frameworks, encouraging members to research, debate investment options and track outcomes.
He urged educational institutions and the Ghana Association of Banks (GAB) to support such programmes by providing resources and integrating them into curricula.
“Investment clubs turn theory into practice. Students become managers of their financial education which textbooks alone cannot achieve,” he said.
Dr Yiadom appealed to policymakers and financial institutions to prioritise financial literacy infrastructure, particularly for underserved groups.
He recommended leveraging social media and informal community networks to broaden reach, adding that the future of Ghana’s economy depended on a financially savvy generation.
Mr Peter Asare Nyarko, Executive Director of the Centre for Financial Literacy Africa (CFLE Africa), emphasised the crucial role of the banking sector in fostering a financially literate society.
He stated that for the CFLE Africa to achieve its mandate of making every individual financially aware and literate, the support and resources of banking institutions were essential.
The individuals educated by CFLE Africa ultimately became consumers of the banks’ financial products and services, creating a symbiotic relationship where investment in financial literacy drove business growth for the banking sector, Mr Nyarko said.
He urged the banks to allocate marketing resources towards financial literacy initiatives, a strategy that had successfully been implemented by organisations in Tanzania.
Attended by industry leaders and stakeholders, the conference underscored the need for holistic financial education to drive Ghana’s economic transformation.
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