The University of Ghana Business School Alumni Association in collaboration with the International Improving Financial Awareness and Financial Literacy Association at the University of Ghana (The FA Association), held a seminar themed, “Covid-19 Pandemic Experience, A Call to Rethink Personal Financial Management”, via Zoom on Tuesday, 13th April, 2021. The main speaker of the seminar was Mr. Valentino Sabuco, Executive Director, The Financial Awareness Foundation, USA. He was assisted by Professor John Effah as a UGBS representative, Dr. Benjamin Amoah, a lecturer with the Department of Finance at UGBS, and Mr. Peter Asare Nyarko, the Executive Director, Centre for Financial Literacy Education, Africa.
Mr. Valentino Sabuco commenced his presentation by introducing the International Improving Financial Awareness and Financial Literacy Association at the University of Ghana (The FA Association). He stated that the vision of the Association is to “become the most sought-after scientific research support and service provider in personal financial management, empowering our stakeholder with financial awareness and financial literacy domestically and across the globe”. The FA Association is on a mission “to significantly improve financial awareness and financial literacy starting from Ghana”. Mr. Valentino Sabuco added that knowing one’s net worth and assets determines how effectively one will manage his or her finances.
On his part, Dr. Benjamin Amoah indicated that the COVID-19 pandemic has had an enormous impact on the working force, where salaries and working hours have been reduced and a great number of employees have lost their jobs. He further added that there may be possible exposures that may lead to loss of jobs and such factors include technology or cyber risk, retirement or permanent disability, and economic crisis such as energy crisis (“dumsor”), merging of companies, and a high rate of death, among others. He intimated that the way out is to practice effective and better personal financial management. “Do not gamble with your finances and future. Rather, plan and manage it in such a way that you will have total control over what you owe so that you would be able to navigate your way through when the future confronts you”, he admonished.
The seminar ended with a presentation by Mr. Peter Asare Nyarko who suggested that effective personal financial management does not require certain procedures. “Personal financial management is not taught in schools and one cannot learn personal financial management from associates or parents. Therefore, one must get accurate information and develop the right skill set to be able to manage his or her finance” he added.
The session was climaxed with questions and answers and was moderated by Dr. Kwaku Ofosu-Asare, the President of the UGBS Alumni Association.
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