On 4th October 2021, the University of Ghana Business School with its partners, the Centre for Financial Literacy Education – Africa (CFLE Africa), the International Improving Financial Awareness & Financial Literacy Association, and the Centre for Economics Finance and Inequalities Studies, launched October as the Estate and Gift Planning Awareness Month.
The theme for the event “Estate & Gift Planning: A Strategy to Protect You & Your Family While Building Wealth & Helping Others,” took place at the University of Ghana Business School (UGBS) Graduate Block. The programme seeks to create awareness on financial literacy education, a better way of living and growing wealth in life, empowering individuals on how to be informed and make an effective decision in personal finance management.
Professor Joshua Y. Abor of the Department of Finance at UGBS stepped in on behalf of the Dean of the UGBS as chairperson. He encouraged the audience to plan financially well for the future. “Your wealth definitely will outlive you,” he said. Professor Raymond Atuguba (Dean of the University of Ghana School of Law), Mrs. Anita Delight Danquah (Esquire, Solicitor and Barrister) and Mr. William Demitia (Lecturer, University of Ghana School of Law) were also present at the event.
During a press interview, Mr. William Demitia mentioned that the lack of financial literacy permits several uninformed decisions resulting in regrets. “There are three main parties to a Trust Estate planning; there is a person we call a set law, who is the person that sets up the Trust. There is also a Trustee, the legal owner – the one given the power to administer the Trust Estate; and then we have the Beneficiary – the person who benefits from the Trust that has been set up.” Mr. William Demitia also indicated that illiteracy is the outcome of ignorance. He thus expressed his delight about the audience who were obtaining knowledge in financial literacy.
On his part, Dr. Benjamin Amoah, a Lecturer in the Department of Finance at UGBS who served as a facilitator for the programme, stated that there are a series of events that have been lined up by the School with the participation of industry players to observe the Estate and Gift Planning Awareness Month. This move is to significantly solve some of the major social problems, especially those relating to the lack of financial awareness along with financial illiteracy epidemic.
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