FIRST ANNUAL FINANCIAL LITERACY WEEK LAUNCHED IN ACCRA.

The first annual Financial Literacy week has been launched in accra with a call on Ghanaians to learn about the key concepts of savings, budgeting and financial planning.
The public has also been asked to know how to analyse financial information to be able to make sound consumer and investment decisions.The objectives of the week is to raise financial issues onto the national stage; to improve awareness of the need for financial literacy; and to expose the need for Ghanaians to acquire financial literacy.The activities of the week is organised by the Ministry of Finance and Economic Planning. A public forum was also held to provide a platform for interaction among financial sector policymakers, regulators, institutions and customers.In addition, the sub-sectors of the financial sector like banking, insurance and securities was each b alocated a day to undertake awareness creation. In the 2008 budget, Minister of Finance Kwadwo Baah Wiredu announced the establishment of an annual Financial Literacy week to create awareness of the need for financial education and literacy among Ghanaians.Launching the week, Vice-President Aliu Mahama said a survey conducted in 2006 revealed that 43 per cent of respondents did not have full or correct knowledge of what they need for successful personal financial planning.Vice-President Mahama said financial literacy is important because it determines how people manage their financial affairs. "Be as it mat, the benefits of financial literacy extend well beyond stronger household balance shets to the promotion of a strong and resilient financial system, and ultimately to the more efficient allocation of resources within the real economy."He noted that the financially astute recognise the importance of sound financial planning from an early age , and by so doing, improve their chances of achieving the financial goals in life. "Yet to few Ghanaians,have had the opportunity to learn the basics about money in school, at work or even at home."Minister of State at the Ministry of Finance Anthony Akoto Osei said "learning how to achieve financial security is one of the most important and profitable lessons that aperson can learn, and these lessons are best learnt early in life."