PASAL Holds Alumni Engagement and Financial Literacy Summit
The Public Administration Students’ Association Legon (PASAL) at the University of Ghana Business School (UGBS) organised a Breakfast with Alumni and Financial Literacy Talk on 27th July 2026 at the R. S. Amegashie Auditorium, University of Ghana Business School (UGBS). The summit, held under the theme “Bridging the Gap through Networking, Financial Literacy and Mentorship,” brought together students, alumni and industry professionals to strengthen alumni-student engagement while equipping participants with practical knowledge on financial planning and career development. The programme featured presentations from experts in the insurance and banking sectors, who encouraged students to make informed financial decisions early in life and to develop habits that would support their long-term personal and professional growth.
Delivering the first presentation, Rev. Michael Ofei-Afari, a Financial Advisor at Prudential Life Insurance Ghana, introduced participants to the fundamentals of insurance, explaining its importance and the role it plays in safeguarding individuals and families against life's uncertainties. He described insurance as a practical financial planning tool rather than an expense, stressing that everyone, regardless of age or financial status, needs some form of insurance protection. According to him, insurance provides a financial safety net against what he referred to as “life robbers,” including critical illnesses, accidents and death, while also protecting the financial wellbeing of dependants in the event of unforeseen circumstances.
Rev. Michael Ofei-Afari engaging participants at the PASAL Breakfast with Alumni and Financial Literacy Summit
Rev. Ofei-Afari advised students not to delay purchasing insurance until they encounter financial hardship or reach old age. He noted that the ideal time to obtain insurance is when one believes it is unnecessary because premiums are generally lower for young people and they often have valuable assets and future earning potential worth protecting. He explained the different types of insurance available, including life, motor and property insurance, and encouraged students to view insurance as an investment in financial security rather than a burden. He emphasised that while no insurance policy covers every possible risk, it provides protection against many of life’s uncertainties and reduces the financial impact of unexpected events.
Rev. Ofei-Afari further challenged common misconceptions surrounding insurance by discussing what he described as the five biggest myths: that insurance is a scam; that it is only for wealthy people; that faith alone eliminates the need for insurance; that young people do not require insurance; and that making insurance claims is excessively complicated because of paperwork. Addressing these misconceptions, he encouraged participants to appreciate insurance as a wise financial decision. He observed that although no amount of money can replace a lost life, individuals should never assign a financial value of zero to their lives. He explained that insurance is particularly valuable for people who may not be able to pay significant expenses out of pocket when emergencies arise. He concluded by introducing participants to various insurance policies offered by Prudential Life Insurance Ghana and encouraged them to consider products that align with their personal circumstances and future aspirations.
The second speaker was Nana Akuffo, Head of Youth Banking at Access Bank Ghana, who spoke on financial literacy for campus life. He explained that financial success is achieved through gradual stages, describing what he termed the “paradox of imagination” as the progression from survival, to stability, comfort, wealth and ultimately luxury. He encouraged students to understand these stages and to remain intentional about building their financial capacity over time. Mr. Akuffo reminded participants that their greatest investment is in themselves, stating that, “Your first bank account is you and your skill set.” He encouraged students to continually build their knowledge, competencies and employability, noting that these form the foundation of future financial success.
Nana Akuffo addressing participants at the PASAL Breakfast with Alumni and Financial Literacy Summit
He also introduced participants to Access Bank's Vybe platform, explaining that it offers student opportunities for continuous learning, networking, access to discounts on selected services, community engagement and wellbeing initiatives. He added that the platform also helps young people establish a financial record that could support access to loans after graduation as they begin their professional lives. He further introduced students to Access U, outlining the banking solutions and packages specifically designed to meet the financial needs of university students. He encouraged participants to take advantage of these products to cultivate sound financial habits while pursuing their studies.
The summit concluded with an interactive question-and-answer session, during which participants engaged both speakers on insurance, financial planning, banking products and strategies for building financial security from an early stage. The discussions provided students with practical insights into managing personal finances, preparing for unexpected life events and making informed financial decisions as they transition from university to the world of work.