High level of poor financial literacy among the populace has created a fertile ground for unrealistic financial institutions like Ponzi schemes to thrive, thus threating the stability of the country’s financial sector and economy at large, Mr. James Kesse, Manager of Sunyani Area Teachers’ Cooperative Credit Union (SATCUU), has said.
Mr. Kesse said inadequate financial literacy, particularly about investment has made many people-irrespective of educational and social class susceptible to activities of juicy but deceitful investment offers, saying “Because of deficiency of financial knowledge in the system, people are unable to read in-between the lines to identify fake investment happenings.”
He has therefore advocated strenuous public education on financial literacy to broaden people’s horizon so as to reduce public investment vulnerability to discourage the operations of such financial institutions, and help build a formidably financial sector to drive the country’s socioeconomic transformational agenda.
Mr. Kesse made the observation in an interview with the B&FT at during a financial education programme for rural women in selected communities in the Tano North Municipality of the Ahafo Region. The separate fora were jointly organised by SATCUU, and Livelihood and Environmental Ghana (LEG), a non-governmental organization (NGO) for members of Tano Women Empowerment and Development Association (TWEDA).
Source: thebftonline.com
