UGBS Provides a Personal Financial Management Seminar for the Narcotics Control Commission
On July 26, 2024, the University of Ghana Business School (UGBS) organised a seminar titled “The Basics of Personal and Family Management” at the premises of the Narcotics Control Commission. The seminar aimed to create awareness about personal and family financial management among the staff of the Narcotics Control Commission.
Dr. Benjamin Amoah, Senior lecturer from the Finance Department, who also serves as the coordinator of the FA Association (UG) Chapter, led the session. Dr. Amoah emphasised the financial literacy part of UGBS's commitment to Responsible Management Education, Institution and Community Engagement under its Strategic Plan (Pillar 8). He provided a comprehensive explanation of personal financial management, its importance, and the dynamics of personal financial management over the individual life cycle. He also highlighted the need to incorporate financial literacy and financial planning as part of employee benefits of staff members through regular in-house education.
Participants engaged in practical sessions designed to deepen their understanding of personal financial management. Dr. Amoah discussed the importance of financial resilience, urging attendees to set up emergency funds. He covered topics including the foundational blocks of personal financial management such as Getting Organized and financial planning such as personal financial management, financial literacy, and awareness assessment, stressing the importance of improving financial awareness and literacy.
Dr. Amoah further encouraged participants to consult financial advisors when making investment and insurance decisions. He spoke about the importance of knowing one's net worth, cash flows, personal assets, and earning assets, as these are critical for wealth creation. Additionally, he provided insights into financial planning, aiming to help individuals secure a better financial future and achieve financial independence. The seminar concluded with a question-and-answer session where Dr. Amoah motivated participants to enhance their financial knowledge and make informed decisions to improve their financial well-being.