The Bank of Ghana (BoG) has begun a financial literacy campaign to provide financial literacy for security personnel across the country.

The Central Bank’s move is aimed at providing basic knowledge that security service personnel must  know in their line of duty to check money laundering and also on personal investment with financial institutions.

A member of the Financial Stability Department at the Bank of Ghana, Godfred Kudjoe, disclosed that security service personnel are the worst victims of financial Ponzi schemes, hence the financial literacy training workshop.

The Bank of Ghana Financial literacy workshop for Immigration Service in the Ashanti Region focused on how to identify a licensed financial deposit taking institution and some practices the Central Bank has abolished.

Some charge maintenance fees from client’s savings accounts and change the ownership of collateral names into bank account among others.

The personnel were also taught what they need to consider first before taking a loan from any financial institution. In considering taking a loan they have to compare at least three banks to know the interest rate and the duration for the payment.

This, according to Godfred Kudjoe, will compel banks to reduce their rate charges.

Participants of the workshop commended the Central Bank for providing them financial literacy which will guide them against Ponzi schemes.

Source: Ghana/ Bediako