University of Ghana FA Association and HRODD Hold a Personal Financial Management Webinar for the 2023/2024 NSS Personnel
The University of Ghana’s Financial Awareness (FA) Association, in partnership with the Human Resources and Organisational Development Directorate (HRODD), organised a webinar on personal financial management for the 2023/2024 National Service Scheme (NSS) personnel on the 19th of September 2024. The webinar was titled "Navigating Your Working Life: Essential Financial Knowledge for Young Adults." It aimed to equip participants with crucial financial literacy skills and job search strategies.
Speakers for the online webinar included Dr. Benjamin Amoah, Coordinator of the UG- FA Association, Dr. Yvonne Ayerki Lamptey, Director of UG HRODD, Mr. Francis Boadu, Head of the Brokers-Dealers and Advisors Department at the Securities and Exchange Commission, Ghana (SEC-Ghana), and Mr. Augustine Amoako Donkor, Assistant Director of the Financial Stability Department, Bank of Ghana.
Dr. Yvonne Lamptey presented on job search strategies and how to handle rejection. She advised the NSS personnel to create a career plan and align their career objectives with organisational goals. Emphasising the importance of networking, Dr. Lamptey encouraged participants to keep their online profiles such as LinkedIn, up to date and avoid generic applications. She advised tailoring job applications to the skills and knowledge required by the employer.
Addressing the challenges of job scarcity, she elaborated on the importance of setting realistic expectations and suggested participants quantify their achievements during their National Service to increase their employability. She also offered insights on overcoming rejection and the importance of understanding the process and seeking feedback.
Dr. Benjamin Amoah focused on creating financial awareness and managing personal and family finances. He explained the concept of personal finance, its benefits, and the various stages of an individual or investor's life cycle. Dr. Amoah introduced the FA Lifelong Infinity Sign, a framework for financial organisation and planning. He noted that the webinar was an educational initiative by the FA Association, serving as a “community gift” to help NSS personnel make informed financial decisions. He also discussed employment benefits, such as part-time, retirement benefits, and health coverage, encouraging participants to maximise these opportunities to save.
Mr. Donkor's presentation centred on bank consumer rights, responsibilities, and complaint resolution. He outlined the regulatory measures implemented by the Bank of Ghana to promote fair banking practices and protect financial consumers. Mr. Donkor advised participants to ensure that financial institutions are licensed by the Bank of Ghana or another relevant authority and to read all information provided about financial products before signing agreements. “You should read all information about a product or service before signing." He also warned against taking unnecessary loans, advising, "If you don't need a loan, don't go for it."
Mr. Francis Boadu provided an overview of broker-dealers and investment advisory services, explaining how the capital and secondary markets operate. He noted that there are currently nine licensed investment advisory companies in Ghana and that their role is to guide clients in making sound investment decisions. On career development in the sector, Mr. Boadu explained that pursuing a career in the capital market requires open-mindedness and adaptability. He said, "You may start as an Investment Analyst and progress as a Bond or Stock Trader." He stressed that in achieving career goals, individuals should remember the importance of "desire, dedication, determination, discipline, and integrity." The webinar offered valuable insights to the NSS personnel on managing their finances and preparing for the job market.