The Bank of Ghana (BoG) has intensified its financial literacy campaign by organising a one-day educational programme for students and teachers from selected senior high schools in the Western Region to equip them with the knowledge and skills needed to make informed financial decisions.
The initiative forms part of the central bank’s efforts to promote financial inclusion and strengthen financial literacy among young people by exposing them to key banking concepts and responsible financial practices at an early age.
The participating schools included Archbishop Porter Girls’ Senior High School, Ghana Senior High School (GSTS), Mpohor Senior High School, Adiembra Senior High School, Methodist Senior High School, Takoradi Senior High School, Annor Adjaye Senior High School, Amenfiman Senior High School, Bonzo-Kaku Senior High School and Holy Child College of Education.
The programme covered a wide range of topics, including responsible savings and investment, identifying Bank of Ghana-licensed financial institutions, safeguarding personal banking information, recognising fraudulent financial schemes, complaint resolution procedures, proper handling of the Ghana cedi and the security features of genuine banknotes.
Teachers from the participating schools also received training to enhance their understanding of financial literacy as they undertake personal and professional financial transactions.
An Official of the Financial Stability Department of the Bank of Ghana, Mr Godfred Cudjoe, said the programme formed part of the bank’s broader financial education strategy aimed at empowering Ghanaians with the knowledge required to make sound financial choices.
He said the central bank had over the years undertaken several public education campaigns through radio, television, social media and direct engagement with market women and other groups to educate the public on their rights and responsibilities when dealing with financial institutions.
Mr Cudjoe explained that extending the programme to senior high schools was intended to instil responsible financial habits in young people before they entered adulthood.
“The idea is to catch them young. We want to equip students with financial knowledge so they can make informed decisions in future and also share what they have learnt with their families,” he stated.
According to him, the financial literacy programme is currently being rolled out in the Western and Bono regions, with 10 schools selected in each region.
He said the training focused on the rights and responsibilities of customers of regulated financial institutions, the importance of protecting banking credentials such as passwords and personal identification numbers, and the proper procedures for lodging complaints with financial service providers.
The students were also educated on dormant accounts and unclaimed balances, with officials explaining how regular account activity could prevent accounts from becoming dormant.
Presentations were further made on responsible borrowing, the implications of loan guarantees, digital lending services, including mobile money loans, and the consequences of loan defaults on future access to credit.
Mr Cudjoe also used the opportunity to caution students against practices that damage the Ghana cedi, including spraying banknotes at social events and using them to make money bouquets.
He urged the students to treat the national currency with respect and familiarise themselves with its security features to help detect counterfeit notes.
Mr Cudjoe said the programme also addressed misconceptions surrounding the role of a next of kin in banking.
He explained that a next of kin does not automatically inherit funds held in a customer’s account upon death but rather serves as a contact person whom the bank may reach if it is unable to locate the account holder.
BY KINGSLEY ASARE
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