The President of Citizen Eye Ghana, Alex Kwaku Tetteh is urging Vice President, Dr. Mahamudu Bawumia to settle the ongoing dispute in Bawku to consolidate and guarantee his victory in the North.
Speaking in a facebook live interview conducted by informergh.com and CITEG Agric TV, Alex Tetteh raised concerns about land ownership and independence in Northern Ghana. The conflict, he says existed even before 1980 according to him is deeply rooted in geographical boundaries.
He adds the Mamprusis insist on referring to the area made up of six administrative districts (Bawku Municipal, Zebilla, Binduri, Pusiga, Garu and Tempane) as “Bawku Traditional Area” while Kusasis consistently refer to the area as “Kusaug Traditional Area”.
Alex Tetteh says the Vice President, Dr. Mahamadu Bawumia should urge Nayiri, the king of the Moosi Moronaba, to release the land to the Kusasi, whom he sees as the rightful owners.
He asserted that resolving this long-standing land dispute will be crucial for Dr. Bawumia’s electoral success in the region. The issue has become a focal point ahead of the upcoming elections, with many Kusasi demanding independence from the Mossi Moronaba, arguing that the land belongs to them and that the time has come for autonomy.
Alex Tetteh has admonished Dr. Bawumia to be critical in his response to these demands, as it could impact voting patterns in Northern Ghana.
Meanwhile, Mr. Tetteh has challenged former President John Dramani Mahama’s plans to build offices for the Minerals Commission if elected. Alex Tetteh argues that the Minerals Commission was fully operational and that the NPP government had already established offices in different regions across the country, including Oda, Bibiani, Tarkwa, Tamale, and other locations across the country. He further suggested that the government should consider financially supporting media houses to broadcast government projects, as many people are not aware of the good works the government is undertaking. He insisted that the government was doing a good job, but the communication vehicle of the government has been shambolic in sounding the achievements of the government.
The Ghana Police Service has apprehended two additional individuals, bringing the total to seven, in connection with the murder of Mr. Eric Johnson, the Chief Executive Officer (CEO) of Cossy Hill Hotel in Jirapa, located in the Upper West Region.
The latest individuals taken into custody are Charles Tuozo and Favour Nuobo, both of whom are employees at the hotel.
Prior to this development, on Sunday, four other suspects, Dookuuri Fausta, Braimah Kasim, Beyuo Felix, and Michael Klugey, all employees of the Cossy Hill Hotel, were arrested and are currently assisting in the investigation. Additionally, suspect Kumbata Kwaku, who was previously arrested, remains under investigation.
Efforts in the investigation are ongoing to ensure that the perpetrator(s) are brought to justice.
Mr. Eric Johnson was discovered on February 11, 2024, in a room at the hotel, surrounded by a pool of blood. Following the discovery, the Regional Crime Scene Management Team promptly visited the scene.
Earlier in the investigation, one individual was detained to aid in the inquiry.
The Management of Ghana Water Limited (GWL) has announced a scheduled shutdown of one of the Plants in Kpong, serving the Krobo-Somanya area, from the 14th to 15th of February, 2024.
This temporary closure is necessary to facilitate the installation of a new interconnection pipeline and foot valves at the Kpong Water Treatment Plant (WTP), aimed at enhancing its capacity by approximately 3 million gallons per day (mgd), equivalent to 13,600m3.
While acknowledging the inconvenience this may cause, GWL assures the public that its team of engineers will work diligently within the estimated time frame to restore water supply to the affected communities.
This measure aligns with GWL’s commitment to significantly improve water supply capacity from Kpong to parts of the Eastern and Greater Accra Regions, addressing the growing water demands of the population.
Affected communities, including Somanya, the entire Krobo area, and surrounding areas, are urged to bear with GWL during this temporary shutdown period.
Additionally, Management advises all essential service providers, particularly hospitals and schools in the area, to ensure they have adequate water storage arrangements for the duration of the shutdown.
Alternative arrangements have been made to mitigate the impact of the shutdown, and consumers are encouraged to communicate with their community leaders, assemblymen, and unit committee members in case of emergencies.
Member of Parliament for Bekwai and First Deputy Speaker Joseph Osei-Owusu has for the first time revealed why he is quitting public service. The 4 term lawmaker who entered Parliament as an Independent Candidate and later switched to the New Patriotic Party will no longer return to the house of the legislature next year.
Many have wondered why a lawmaker of his caliber occupying what political book runners will describe as a ‘safe seat’ will abandon his legislative career midway. It turns out some unreasonable demands from some constituents drove him to take the decision to leave.
In an exclusive interview with EIB Network’s Parliamentary Correspondent Ibrahim Alhassan, Joseph Osei-Owusu affectionately called Joe Wise revealed a community asking him to dislodge a toilet facility he constructed despite charging fees was the last straw for him.
‘‘What is worse is, and that is the worst part. Indeed I will confess to you. One of the reasons that made me think it is enough, I’m not going to seek any public office again was some communities demanding that their public toilet is full, and if I don’t have those drained then they won’t vote. I kept asking myself, was it all worth it?
Because the first thing is that, it is your personal responsibility to provide a toilet facility for yourself. Now for some reason we use the state money to build one. It’s been given to you, you use it, it’s full, you come back and drain it for me else I won’t vote! Somebody has not even gotten that opportunity at all.
There’s another community that doesn’t even have it. In the end I asked myself is it all worth it? Because what is even annoying, and let me be frank if you go into that community the people using that pay for it. It is the community leaders that collect the money there and they call that community money and that it’s not even for replacing bulbs. So they were comparing notes.’’
According to the former CEO for the DVLA, citizens generally are refusing to play their role in the governance architecture aside from the constant demands from political office holders
‘‘You build merchandised boreholes for communities. Some come back to say they can’t pay the bills, come and pay the electricity bills. How irresponsible can we be? These are some of the things that makes it difficult to be in public office beyond the general lack of appreciation and we want you to do his without talking about how we should do it.’’
Another phenomenon that has contributed to the exit of the Bekwai MP is the abuse from the youth. According to him the Ghanaian youth has become overly abusive of the elderly in their discourse. Reverence for the aged has been thrown to the dogs he believes unlike what existed in years past.
‘‘Young people are generally way too abusive. Generally, their choice of words in discussions and you think that it’s enough.’’
He however blames the political class for failing to get citizens to internalize the fact that rights come with responsibilities.
‘‘Probably our failure is that we are partly responsible because we have not made it an issue to train them to understand that governance involves responsibility. I think for me it’s a major failure of our political system. Generally we are afraid to discuss what a voter should do. We are all talking about what the government will do for them without discussing that it means that you’ll pay not directly but we never discuss those things.’’
Joseph Osei-Owusu is one of the 19 senior members of parliament from the governing New Patriotic Party who voluntarily opted out of the party’s primaries including Majority Leader and Suame MP, Osei Kyei-Mensah-Bonsu. 28 incumbent MPs also lost their bids to return. The opposition National Democratic Congress also lost 17 of its MPs when the party went for the primaries with 5 voluntarily opting out. The development has left many questioning the quality of legislation the next parliament will offer the country.
Source: Ghana/Starrfm.com.gh/103.5FM/ Ibrahim Alhassan
Former Chief Executive of Ghana Cocoa Board (COCOBOD) Dr. Stephen Kwabena Opuni has closed his case to charges in the ongoing case after parading 10 witnesses to mount his defence.
Dr Opuni, who together with businessman Seidu Agongo are standing trial for 27 charges, said he was satisfied with the evidence of his Witnesses.
This is the end, Dr Opuni said he will exercise his rights under article 19(10) of the 1992 constitution not to personally mount the witness box to give evidence.
Lawyers of Dr Opuni led by Samuel Codjoe, on Monday, February 12, 2024 informed the Court that they will call no further Witnesses.
He also told the High Court in Accra presided over by Justice Aboagye Tandoh that their client will not personally give evidence because he is satisfied with the evidence of his Witnesses.
“….The first accused (Dr. Opuni) is satisfied with the evidence of his witnesses and therefore he will not mount the box to give evidence personally,” Counsel for Opuni to Court.
Dr Opuni and Mr Agongo are facing 27 charges, including defrauding by false pretences, willfully causing financial loss to the State to the tune of GHc217 million, money laundering, corruption by a public officer and contravention of the Public Procurement Act.
They have both pleaded not guilty to the charges and are on a GH¢300,000.00 self-recognizance bail each.
Opuni’s Witnesses
The 10 Witnesses called by Dr Opuni include farmers, scientists, bankers and COCOBOD officials paraded some of whom were subpoenaed are; some of the Witnesses are; Reginald Aduakwa, a Banker, who was assigned to Dr Opuni at Ecobank.
Samuel Amponsah, then Acting Head of Cocoa Health and Extension Division (CHED), Mr Amponsah will give evidence that farmers in the Western North Region required Lothivite fertilizer.
Peter Okyere Boateng, a Deputy Executive Director, CHED, in charge of Monitoring and Evaluation, was directly in charge when the officials wrote the CHED report on the evaluation of fertilizers including Lithovit which report was given to them by prosecution.
Also, Dr Gilbert Anin Kwarpong, who was the Executive Director of Cocoa Research Institute of Ghana (CRIG) in 2015/6 and 2016/17 Cocoa seasons testified because, it was during his time that COCOBOD through CRIG renewed the certificate for Lithovit fertilizer.
Atta Kwasi, a farmer, who used Lithovit and whose farm is in the Brong Ahafo area of Ghana also testified.
Ambassador Daniel Ohene Agyekum, who was the former Board chair of COCOBOD also gave evidence.
Agongo’s turn
Meanwhile the Court has facilitated the attendance of the first five witnesses for Seidu Agongo and Agricult Ghana Limited.
The first five Witness who are expected to testify for Seidu Agongo are Dr Francis Baah with the Cocoa Health Extension Division (CHED) of Cocoa Research Institute of Ghana,(CRIG), Bunso, Mr Paul Agyei-Gyan, Economic and Organised Crime Office, Head Office, Madam Fiona Gyamfi, Ghana Standards Authority, Madam Beatrice Debrah Eshun, Deputy Procurement Manager, COCOBOD and Jerome Dogbatse, CRIG Tafo.
The case has been adjourned to February 15 for Seidu Agongo to open his defence.
The Member of Parliament for Builsa South, Dr. Clement Apaak has officially presented a newly constructed Kindergarten block to the Uwasi Zuasa community in the Upper East region.
In a statement released by Akogtu Daniel, the Deputy Communication Officer for Builsa South, Dr. Clement emphasized the importance of maintaining educational facilities at every level, particularly highlighting the significance of pre-primary education.
Dr. Apaak underscored that the pre-primary stage serves as the foundation upon which all other levels of education are built.
He also referenced the sustainable development goals, emphasizing the imperative for the nation to guarantee inclusive and high-quality education for all, thereby fostering lifelong learning opportunities.
Below is the statement from Builsa South NDC
Hon. Dr. Clement Apaak Hands Over A Newly Constructed Kindergarten Block To The Uwasi Zuasa People.*
Dr. Clement Apaak has handed over a KG block constructed at Zuasa in Uwasi. In his handing over message he postulated that, in every society it is believed education is the key to a nation’s development. He called for the need to maintain every level of education especially the pre-primary stage, because it is the bedrock upon which all other educational levels build on and that the sustainable development goals en-joins us to ensure inclusive and equitable quality education for all, as it promotes lifelong learning opportunities. He emphasized that all girls and boys should have equal access to quality early childhood development and care as it inculcates in them a smooth transition from the home to the school environment which serves as a natural means to unlocking a child’s natural gifted talents.
Hon. Apaak further indicated that, it was against this backdrop that when the Uwasi Chief and his people requested for the school he did not hesitate but to lobby and press on for this school to be built to lessen the distance children have to trek each day to the Uwasi central primary school. He admonished the people of Uwasi to continue to remain united with him and other developmental partners to bring development to the area. In conclusion, Dr. Apaak reassured them of his committed and unrelenting efforts in lobbing for more projects to mitigate the many lagging needs of the people.
The Chief of Uwasi Naab. Abiak Jacob Amwaanya, receiving the school on behalf of his people, expresses his profound gratitude to Dr. Clement Apaak for establishing such a school in his community and the many things he has done whenever he’s called upon and assured him they will be watch dogs over the school.
Naab. Abiak Jacob Amwaanya II, Whilst eulogizing the MP for the many social amenities he’s done his community stated that he is a true epitome of a good leader and wish that he will one day accept a wife from the people of Uwasi to solidify their true relationship but like Oliver Twist will always asked for more, asked the MP to assist the community with more teachers, and lobby for their roads and electricity to be fixed as that will propel the community growth and development.
The district director of education Mr. Thomas Kanlisi accepting the school for GES thanked the MP for similar school projects he is constructing in other parts of the district to ease the many difficulties children face in accessing early childhood education. He assured the MP that a teacher will immediately be assigned to the school to start admitting pupils to the school. He encouraged parents to show interest in their wards’ education and report teachers who show lazy attitudes towards work to the education directorate.
The 18-year-old teenager in the alleged Kasoa ritual murder case has denied State Prosecutors assertions that he planned together with 15-year-old juvenile to seek spiritual powers to acquire wealth.
The 2nd accused has also refuted claims that, he had discussed with the 1st Accused about a trip to the Volta Region for spiritual help should the priest at Amasaman fail them.
The two teenagers have been charged for conspiracy and murder of the 10-year-old Ishmael Mensah Abdallah before the High Court in Accra presided over by Justice Lydia Osei Marfo.
While the 15-year-old juvenile (1st Accused) has admitted the offense and stated that they “committed the crime together,” the young offender (2nd Accused) has denied the charges.
EIB Network Legal Affairs Correspondent, Murtala Inusah reports that State Prosecutors led by Nana Adoma Osei are currently subjecting him to cross examination to test the veracity of his evidence before High Court presided over by Justice Lydia Osei Marfo.
Modern China gets to celebrate the New Year twice a year: together with the rest of the world on 1 January and according to the Eastern calendar. This year’s Chinese New Year celebrations started on Saturday, 10 February, when China and other Asian countries welcomed the Year of the Dragon.
According to the Chinese Zodiac, Dragon, is the only mythical and the most powerful creature of the 12-animal Chinese zodiac. This legendary magical beast is symbolic of authority, honour, dignity and unprecedented opportunities.
Chinese New Year, also known as the Spring Festival, is a significant and festive time in Chinese culture. Alongside traditional customs and celebrations, there are several financial traditions and superstitions associated with Chinese New Year. Let’s look at a few;
1. Red Envelopes (Hongbao or Ang Pao):
Giving and receiving red envelopes is a widespread Chinese New Year tradition. These envelopes usually contain money and are given to children, unmarried individuals, and sometimes even employees by their employers. The colour red is considered auspicious and symbolizes good luck and prosperity.
2. Cleaning and Paying Debts:
Before the New Year, it’s customary to thoroughly clean the house to sweep away any bad luck and make room for good fortune in the coming year. Cleaning should be completed before New Year’s Day. Clearing debts before the New Year is also considered important to start fresh and avoid carrying financial burdens into the new lunar year.
3. Buying New Clothes and Items:
Wearing new clothes during the Chinese New Year signifies a new beginning and is believed to bring good luck. Purchasing new items for the home, such as decorations or utensils, is also common to symbolize a fresh start.
4. Avoiding Unlucky Activities:
Some activities are considered unlucky during the Chinese New Year, such as sweeping or taking out the trash on New Year’s Day. This is believed to sweep away good luck and prosperity.
5. Setting Off Firecrackers and Fireworks:
The loud sounds of firecrackers and fireworks are thought to scare away evil spirits and bad luck.
In some places, governments may regulate or restrict the use of fireworks due to safety and environmental concerns.
6. Offering Sacrifices:
Some families follow the tradition of offering sacrifices to the Kitchen God before the New Year. This is believed to ensure good fortune and prosperity for the household.
7. Eating Symbolic Foods:
Certain foods are associated with good luck and prosperity during Chinese New Year. For example, fish symbolizes surplus and prosperity, while dumplings are believed to bring wealth.
8. Visiting Friends and Family:
Visiting friends and family during the festive season is not only a way to strengthen relationships but is also seen as a gesture that brings good luck.
9. Avoiding Sharp Objects:
Using sharp objects like knives or scissors is avoided during the celebration to prevent cutting off good fortune.
10. Lion and Dragon Dances:
Performances of lion and dragon dances are common during Chinese New Year celebrations. These dances are believed to bring good luck and drive away evil spirits.
It’s important to note that these traditions and superstitions can vary among different regions and communities. While many people observe these practices, modern celebrations have embraced more contemporary elements.
So, if you happen to find yourself in China during the Chinese new year or find yourself in the Chinese community anywhere in the world, make use of this information to assimilate effectively. The 2024 celebration is from Saturday February 10 to February 24, with each day within the period having a special significance and symbolic activity to celebrate the day.
Dr. Issahaku Yakubu, Relationship Manager - Stanbic Bank Ghana
Introduction
Access to financial services remains a catalyst for economic growth in every nation and continues to serve as a leverage to economic activities in an economy. As economies worldwide undergo rapid structural transformation after covid-19, the issue of financial inclusion has taken centre stage in national discourses among policymakers. Financial inclusion is thus, one of the essential economic barometers for inclusive growth in any country. The benefits of a sound and virile financial services system in enhancing better distribution of economic opportunities amongst economic agents especially the productive vulnerable groups cannot be overemphasized. Recognized as one of the essential tools for achieving Sustainable Development Goals, particularly Goals 1, (no poverty) 2 (Zero Hunger), 5 (Gender equality), 8 (Decent work and economic growth), and 10 (Reduced Inequalities), financial inclusion holds immense potential benefit for global financial markets.
Financial literacy has earned the crucial place of being the cornerstone of inclusive financial systems that empowers governments, companies, and individuals to make well-informed financial decisions, effectively manage their finances, and fully participate in the general economic system. When financial literacy is fostered, the gap between those who have access to financial services and those who do not have such access can be bridged, thus opening up the opportunities for reduction of poverty, promotion of economic growth, and improvement in the overall well-being of the people.
Financial literacy presents enormous potential benefits to the financial market landscape in the world. For example, those who have received financial education are frequently in a better position to make prudent financial decisions than they would have done otherwise. Individuals are usually saddled with crucial life choices and would probably have to make decisions about borrowing, investing, saving, buying insurance, and retirement planning. Participation in formal financial system is seen as immunity against idiosyncratic risks and sudden shocks. Lack of access to financial services is considered a moral blot, denial of fundamental human right imperative and a key roadblock to entrepreneurship. Despite the benefits of having sound financial knowledge, widespread financial illiteracy is reported worldwide. Globally, about one-third (33%) (just 1-in-3 adults understand basic financial concepts) of the world’s population display understanding of basic financial concepts with around 3.5 billion individuals in the world considered as financially illiterate. This is alarmingly high compared to 1.7 billion unbanked individuals worldwide, which implies that circa 1.8 billion banked individuals in the world might be financially illiterate. Globally Denmark, Norway, Sweden, tops the financial literacy levels. Africa scored the worst of all the continents, with Ghana scoring 32 percent financial literacy rate. Ghana among other countries was one of the least scored/occupied the bottom slot with countries like Somalia among others. This implies with all the calls and efforts by stakeholders to bolster/engender rethinking about personal financial planning in this uncertain times, a report from a Standard and Poor’s on global financial literacy indicates that a staggering 68% of Ghanaians are financial illiterates. For instance, many individuals are educated but remain susceptible to Ponzi schemes, financial scams, and irregularities. This can be attributed to the widespread problem of financial exclusion, stemming from high financial illiteracy levels, even among well-educated individuals, globally. Additionally, financial institutions often fail to adequately educate the informal sector of developing economies, instead they focus their efforts on larger corporations that yield substantial revenues.
Recent debates from developing countries, including Ghana, highlight the role of financial literacy in expanding financial inclusion through increasing access, quality and affordable financial services. For instance, in Ghana, the majority of the adult population appear to be financially excluded (Account ownership and active usage with financial institutions excluding Momo) despite efforts to ensure that many people are financially included through financially innovative practices. For financial inclusion to have the desired outcomes in Ghana, it needs to be reinforced through sustained financial literacy activities.
Despite efforts to promote financial inclusion, widespread financial illiteracy persists, leading to susceptibility to scams and irregularities. This phenomenon contributes significantly to the challenge of financial exclusion, hindering economies from reaping the full benefits of inclusive financial systems. Promoting access to affordable financial services for productive economic activities demands finding solution to market failures such as moral hazards and asymmetry information that alarms people and prevents them from engaging in the financial sector. Therefore, tackling the issue of financial exclusion requires creative and situation-specific solutions. To expand access to and usage of financial services, particularly in developing countries, scholars and development practitioners and agencies advocate for financial literacy as the most effective means of bridging the significant inclusion gaps among the unbanked and underbanked population.
Financial Inclusion
Access to financial resources is not just a matter of economic convenience; it is a fundamental driver of development that profoundly influences various socio-economic aspects. A society’s ability to provide its members with access to financial services directly correlates with reduced economic vulnerability, diminished income inequality, and lower unemployment rates.
Inclusive financial mechanisms and processes endeavour to make it possible for everyone – irrespective of their income level, educational attainment, or related background – to have ready access to a variety of affordable, safe, and appropriate financial products and services. These products and services include basic financial services such as savings accounts, payment services, and money transfer facilities; credit and loans, which can help companies and individuals to invest in life-changing projects such as healthcare, education, or entrepreneurial ventures; risk and insurance management tools that can protect companies and individuals from financial shocks; as well as financial education that can equip individuals, from diverse backgrounds, with the requisite financial knowledge and skills to make well-informed financial decisions.
Financial inclusion promotes essential habits for economic independence, self-reliance, and social and economic empowerment; helping poor families withstand external shocks and differentiate between legitimate financial institutions and fraudulent schemes, such as Ponzi schemes, and unsustainable financial ventures. The scope and scale of measurement of financial inclusion in recent times even though necessary, is defective because merely owning a financial product such as bank account or Momo account cannot be conclusively considered as FI. Rather it is when the holder of the financial product and/or service actively uses such product for economic self-reliance and entrepreneurial capacity development that FI can be inferred. Financial inclusion, therefore, stands as a critical indicator of a nation’s commitment to fostering inclusive growth and achieving Sustainable Development Goals.
Despite concerted efforts from global development agencies, a staggering 1.7 billion individuals worldwide still find themselves on the fringes of formal financial systems, categorized as unbanked or underbanked. The barriers to financial inclusion are multifaceted, encompassing regulatory constraints that limit accessibility, geographical limitations that isolate remote populations, low levels of financial literacy, linguistic barriers that impede effective communication with financial institutions inter alia. Addressing these challenges becomes imperative to unlock the full potential of inclusive growth and sustainable development.
Financial Literacy
In an era where financial landscapes are increasingly intricate, navigating the array of financial products offered by institutions becomes a daunting task, particularly for those economically disadvantaged and pro-poor. The complexity of these financial services often leaves individuals grappling with decisions that have profound implications for their financial well-being. Recognizing this, financial literacy education emerges as a crucial tool for individuals in simplifying the decision-making processes associated with these intricate financial services.
Financial literacy include the ability to discern financial choices, and financial issues without discomfort, plan for the future, and respond competently to life events that affect every day financial decisions, including events in the general economy. Financial literacy education equips individuals, especially those in developing countries, with the knowledge and skills needed to navigate the complexities of the financial sector. It seeks to promote participation in financial markets and savvy use of financial instruments. Financial savviness includes among others how to get money, how to manage money, how to save money and how to use money. Financial literacy is a basic need for every individual to avoid financial problems. Financial difficulties occur not only due to low income, but financial difficulties can also occur if there are errors in financial management such as lack of financial planning or misuse of credit.
Unfortunately, a pervasive lack of financial knowledge hinders meaningful participation, and perpetuates cycles of financial exclusion. Financial limitations can cause stress, and low self-esteem. Governments, worldwide, are acknowledging the transformative power of financial literacy education as a pragmatic solution to empower citizens in mastering their personal financial hygiene and making informed choices. Financially literate individuals have control over financial tools and can make sound decisions regarding their usage for productive ventures. This empowers them to manage their financial affairs responsibly and to plan and manage life events, such as education and retirement and promoting sustainable livelihoods. Financial literacy leads to a spending decision that puts quality first.
The imperative lies in fostering financial literacy as a lifelong asset, instilling in individuals the ability to understand and apply financial skills. This education goes beyond mere knowledge acquisition; it involves developing the skills and confidence to be aware of financial risks and opportunities, make informed choices, know where to seek help, and take effective actions to improve financial well-being. By prioritizing financial literacy, governments can pave the way for a financially empowered citizenry, capable of actively participating in economic activities and contributing to a more resilient and inclusive society.
The Missing Link
Financial literacy, often regarded as the linchpin in the bridge between financial exclusion and inclusion, holds the key to unlocking economic empowerment for individuals and communities. It goes beyond the mere accumulation of financial knowledge and encompasses the practical application of financial skills in real-life situations. The absence of adequate financial literacy creates a substantial gap, perpetuating financial exclusion and exposing individuals to a myriad of challenges.
The repercussions of low financial literacy are far-reaching and impactful. Individuals lacking financial literacy skills often find themselves subjected to higher financial costs, falling prey to exploitative practices, making suboptimal investment decisions, and grappling with the complexities of managing debts. These consequences contribute to a cycle of financial vulnerability, hindering personal financial growth and limiting the potential for economic prosperity.
On a global scale, financial literacy levels present a gloomy picture, with persistent disparities, particularly evident in developing countries. The urgent need for comprehensive financial education initiatives is underscored by the pervasive nature of financial illiteracy and its adverse effects on individuals and communities.
Conclusion and Recommendations
In conclusion, it is evident that financial literacy is paramount to Ghana’s financial inclusion efforts, critical for achieving financial inclusion targets, and holds the potential to uplift an increasingly impoverished and vulnerable population out of poverty. To scale up financial literacy and financial inclusion, the following recommendations are offered:
Encourage institutions such as the Bank of Ghana (BoG), NGOs, and financial institutions, among other sector players, to implement robust financial literacy education programs. These programs should aim to improve outreach, influence sustainable uptake decisions, and do so cost-effectively for households. Additionally, these initiatives can aid microfinance institutions (MFIs) in identifying innovative options and institutional arrangements, thereby informing policymakers in crafting economically empowering policies.
Improve the awareness, knowledge, and depth of understanding among households regarding the benefits of financial inclusion. This step is essential to overcome personal, socio-cultural, and community barriers that affect demand-side decisions related to financial inclusion. Addressing low confidence in the financial skills and abilities of households can eliminate major obstacles to the adoption of improved financial behaviours.
Intensify financial literacy efforts and enrich the financial decision-making knowledge and skills of household heads. Enhance financial literacy to support households in financial planning, allocation of scarce resources, record-keeping, financial discipline, responsible use of idle funds, and sourcing of funds for viable income-generating opportunities.
Increase awareness through sensitization on financial literacy, wealth creation, and wealth preservation education. Engage stakeholders such as MFIs, the BoG, Metropolitan, Municipal, and District Assemblies (MMDAs), and District Assemblies (DAs) to promote improved financial behaviour and household financial status.
Integrate financial propriety and literacy education into the educational curriculum, starting at the Junior High School level and continuing through tertiary education. This approach instils financial discipline in young individuals from an early age.
Pursue enterprise development clinics in collaboration with banks, savings and loans institutions (S&L), MFIs and financial NGOs. Engage with third-sector players such as market associations like GUTA to ensure proper bookkeeping and prudent enterprise management practices.
Decentralize financial literacy programs through local radio stations to ensure effective dissemination, using local actors and artists to conduct community roadshows for financial wellness and health messages.
Integrate financial literacy and wealth creation education into Christian church services on Saturdays and Sundays and during Muslim congregational prayers on Fridays. This will reinforce the drive for financial discipline.
Establish a special purpose vehicle (SPV) supported by the government and the BoG to assist struggling MFIs in fostering financial inclusion and sustainability.
Banks should transform beyond e-finance using computers or mobile phones as their complement channels to adopt digital banking based on Fintech partnerships that can eliminate the limits of physical contact, and soft information and interact with customers intelligently. This will, in effect, contribute to the “triple-win” financial ecology for improving banks’ performance, increasing access to financial information and knowledge through extended touch points among other social media handles of vulnerable groups and promoting sustainable development throughout society.
Deliberate adoption and deployment of technology, digital infrastructure and platforms/channels to expand, improve and deepen outreach at optimal cost. This can be achieved through spatial infrastructure sharing with telcos, FinTechs and universal banks in the unbanked areas. BoG should waive branch expansion cost.
Government should consider abolishing e-levy to drive digital financial inclusion
Michael Charway, Head, Cash Management – Stanbic Bank Ghana
Navigating Finances as a Couple is a crucial and often complex aspect of any romantic relationship. It involves managing financial matters collaboratively and making joint decisions about money matters. Romantic relationships are not just exciting emotional adventures, they also have financial cost implications, for example there are bills to pay, expenses to make, investments and projects to undertake.
The challenge for most couples is how to create a balance between their financial goals and meeting the financial demands of their romantic relationships and lifestyles. There are several options that a couple can consider in their effort to create a balance between financial prudence and their romantic lifestyles.
1. Open Communication:
Discuss Financial Goals: Have open and honest conversations about short-term and long-term financial goals. Understand each other’s priorities and expectations. It’s important both parties are aligned in terms of their financial expectations of each other.
A couple must agree on the financial goals of the relationship for example they might agree to save or pool resources together to rent an apartment or get married or undertake a project together. If already married, then they might want to plan for their future especially retirement and financial security. These goals are likely to influence the couple’s lifestyles and choices with regards to their spending patterns and savings culture.
2. Joint Budgeting:
Create a Budget Together: Develop a budget that reflects both partners’ incomes, expenses, and savings goals. This helps to enhance financial transparency and shared responsibility. This is important partly because of the changing economic dynamics among couples and the increasing contribution of women to the financial well-being of the relationship.
The budgeting process provides an opportunity for the couple to efficiently allocate resources. It also helps the couple to understand the financial needs and expectations of each other. Relationships require collaboration and cooperation between couples to be able to achieve a certain level of desired standard of living and to create a better future.
3. Financial Roles and Responsibilities:
Define Roles: Clarify who will be responsible for specific financial tasks, such as bill payments, investments, or budget tracking. Establishing roles can prevent misunderstandings. For example, a couple must agree on whose responsibility it is to pay certain bills, what proportion of the bills will be taken up by each party and how the couple intend to finance their lifestyles and cost-of-living expenses. It is important that the couple come to a clear understanding of each other financial roles and responsibilities to avoid conflicts and disagreements in the future. Fortunately, we are increasingly seeing the willingness of most couples especially women to contribute and share the financial burden of relationships. This should therefore make it possible for more couples to save and achieve more of their financial goals.
4. Emergency Fund and Insurance:
Build an Emergency Fund: Save for unexpected expenses to provide financial security. It is important for a couple to save or set aside funds for a rainy day. There is the temptation for couples in romantic relationship to throw caution to the wind and live just for the moment. A careful examination of such a couple expenses will show that it is dominated by frivolous expenses and ostentatious lifestyles which leaves very little to save, talk less of saving for emergencies.
Insurance Coverage: Insurances are intended to provide protection against possible eventualities in life. There are various insurance options available to most couples. These include Life, Term life, Health, and Auto insurance to mention but a few. Whiles no one can fault a couples in a romantic relationship for living in the present and basking in the glow of love, one must remember that eventualities are part of life, can happen to anyone and must be planned for.
5. Debt Management:
In earlier noted points, we made mention of the need for couples to be transparent in their dealings with each other. I would like to extend this to include discussions of a couples existing debts. Such debts if not properly managed and their terms of repayments properly structured, could create unnecessary burden on the couple’s finances and negatively affect their lifestyle and romantic adventures. It could in some cases lead to a deterioration of the relationship leading to the eventual break up and with the non-fulfilment of the couple’s relationship and marital dreams and aspirations.
6. Individual and Joint Accounts:
Balance Independence and Togetherness: Decide on the appropriate mix of individual and joint accounts based on your comfort levels. Some couples prefer having both for personal autonomy and shared financial goals.
Whatever your preferences might be, please discuss it together and come to an agreement that allows you to manage the expenses of the home or relationship whiles making provision to financially demonstrate your love to each other especially during this love season.
7. Financial Planning for the Future:
Retirement Planning: Discuss and plan for retirement together, considering factors like lifestyle expectations and savings strategies. During this season of love, it is understandable that couples will be swept away in the euphoria of romance and love. But life is not all about the present but it’s also about the future, so it’s important that couples make a deliberate effort to put aside funds, sufficient to take care of their needs in the medium to long term.
Investment Strategies: Determine joint investment strategies and risk tolerance for shared financial growth. You have heard of the saying that invest in your youthful days and let your money work for you during your retirement. That advice still holds despite recent uncertainties and developments in the economy. My dear couples, ensure not to take unreasonable risk but let your investment decisions be driven by sound investment principles and not greed.
8. Navigating Differences:
Money Personalities: Recognize that individuals may have different attitudes toward money. Find compromises and solutions that accommodate both partners’ perspectives.
Handling Conflicts: Establish healthy communication patterns for resolving financial disagreements and conflicts.
9. Regular Financial Check-Ins:
Scheduled Reviews: Set aside time periodically to review financial goals, assess progress, and make adjustments as needed.
Celebrate Achievements: Acknowledge and celebrate financial milestones and achievements together.
10. Long-Term Planning:
Estate Planning: Consider creating or updating wills, especially if you have joint assets. Discuss preferences for inheritance and end-of-life decisions. For an orderly transition and avoidance of confusion and chaos when you are no more, please make sure you write a will documenting in clear terms your last and final wishes. The making of wills is not the preserve of old men and women, young couples can and should also put down their wills.
Financial Legacy: Plan how you want to leave a financial legacy for future generations. Ensure you have documented your properties and registered titles to landed properties. That said, the best financial legacy one can leave for their children is to raise them in the fear of God, give them a good training and equip them with the right skills and tools to make them relevant in the years when you are gone.
12. Seek Professional Advice:
Financial Advisor: In complex financial situations, seeking the guidance of a financial advisor can provide expert insights and help create a tailored financial plan.
Conclusion
So, my friends by all means let’s enjoy and make the most of the love season but whiles at it let us be reminded of the significance of our financial wellbeing. Like the good book says, there is a time and a season for everything under the sun. Eventually when the dust settles and the feeling of ecstasy and euphoria of love is over, there will be bills to be paid. Remember “I love you; I love you, does not pay bills, neither does it put food on the table”. We must therefore find a balance between celebrating love, romance and making the right financial decisions in our relationships and marriages.
