On the 30th of April 2021, the University of Ghana Business School (UGBS) in association with a group of dedicated partners ended the month-long Financial Literacy programme which was earlier launched on the 31st of March 2021. The District Assembly Council office at the Madina market was the venue for the climax of the programme, where a survey aimed at obtaining information from traders in the market concerning how they effectively and efficiently manage their finances was conducted by the team. Dr. Benjamin Amoah, a Lecturer at the Finance Department of UGBS, facilitated the program with the help of a team of students from the Business School as well as members from the Center for Financial Literacy Education Africa.
Through interactions with some traders, the team noted that most of them do not save their incomes at the banks due to the loss of trust in the efficiency and effectiveness of the financial services sector. Also, some complained of high interest rates and premiums especially with the insurance companies in Ghana. They, therefore, preferred to save their money in their homes. “For now, we cannot trust these banks with our money, so it is better to keep them in our homes”, a vegetable trader stated.
In an interview with one of the volunteers, he indicated that the survey was very insightful and has hence afforded them the opportunity to know more about the informal sector and the challenges they face in managing their finances. The event ended with the submission of survey feedback to Dr. Benjamin Amoah, who also thanked the volunteers for partaking in the programme.
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