Home Business Lack of financial literacy affecting businesses in Ghana – Daniel Addo

Lack of financial literacy affecting businesses in Ghana – Daniel Addo

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Chief Executive Officer of Consolidated Bank Ghana (CBG), Daniel Addo, has reiterated the need for financial literacy among small business holders in Ghana. He says lack of informed decision-making and choices have gravely affected many small businesses in the country.

Speaking at the Launch of “Fingreen”, a financial literacy programme being implemented by QNET – a global social marketing company on Tuesday, October 24, 2023, Mr. Daniel Addo bemoaned the negative effects of financial literacy on businesses and individuals in the country. He, however, noted that various private and government agencies are working hard to close the gap among Ghanaians.

He stated: “for me as the CEO of a bank that is focused on small businesses, one of my biggest challenges is the relative lack of financial knowledge among small businessmen and women. I see the effect a lot when we go through our credit”

“As a country we’ve had a lot of agencies and from private sector that are working assiduously to resolve this literacy gap” he added.

Mr. Addo asserted that, QNET’s “Fingreen” project is a beacon of hope for financial literacy in the three major regions that the programme will be piloted.

QNET has formed a strategic collaboration with J. A. Abrahams & Co, a distinguished 65-year-old firm with extensive expertise in assurance services, accountancy, tax, and business advisory services, to deliver the free Financial Literacy Programme to about 1000 individuals in five regions of Ghana: Greater Accra, Eastern, Central, Volta and Ashanti. The inaugural phase will run from October to December 2023.

FinGreen is QNET’s signature financial literacy programme reflecting the company’s commitment to empowering individuals and communities worldwide. It is aimed at educating young people, women, and small-scale business owners, especially in underserved communities, and equipping them with essential financial knowledge and skills needed for economic and financial growth.

In an interview on the sidelines of the launch, General Manager of QNET-Sub Saharan Africa, Mr Biram Fall, underscored the essence of Fingreen.

He said: “This Corporate Social Responsibility (CSR) programme is a way to help young people and businesses to make wise financial decisions, including savings and prudent expenditure.”

“Our objective is to see to it that the underprivileged and the excluded have a better grasp over financial issues to bring a change in their lives,” Mr Fall said.
He explained that the programme was aligned with achieving Sustainable Development Goals (SDGs) eight – decent work and economic growth and 10 – reduced inequality.
He pledged that QNET would sustain the programme for more impact on the lives of Ghanaians.

Ms Ramya Chandrasekharan, QI Group, which QNET is a subsidiary of, said the Fingreen programme was to bridge the gap between education and financial management to enable the participants excel in their lives and businesses and contribute meaningfully to sustainable economic development.

Recounting the footprints of the programme, which started two years ago in Nigeria and Turkey, Ms Chandrasekharan, said more than 1,500 people had been helped to gain financial access and freedom.

Mr Paul Kumi, Managing Partner, J. A. Abrahams and Co, also said through financial literacy, people were able to plan and manage money effectively and live happily.
He noted that the 11-module programme would target people from economically disadvantaged backgrounds.

He also said beneficiaries would be empowered and transformed to be confident, attain high self-esteem, and champion knowledge sharing among families and other community members.

 

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