|
Getting your Trinity Audio player ready...
|
Bank of Ghana Educates Market Women and Traders on Financial Management in Western North Region
The Bank of Ghana has intensified its financial literacy campaign by organising a one-day educational programme for informal sector workers in the Western North Region. The programme took place at Sefwi Wiawso and Juaboso and targeted traders, mechanics, drivers, carpenters, and other stakeholders. The initiative forms part of the central bank’s broader efforts to promote financial inclusion and strengthen financial literacy among the public. Furthermore, the programme exposed participants to key banking concepts and responsible financial practices to help them make better financial decisions.
Programme Covers Savings, Fraud Prevention and Banking Rights
The one-day programme covered a wide range of financial topics. These included responsible savings and investment, identifying Bank of Ghana-licensed financial institutions, and safeguarding personal banking information. Participants also received training on recognising fraudulent financial schemes and complaint resolution procedures.
Moreover, the programme addressed the proper handling of the Ghana cedi and how to protect the security features of genuine banknotes. Mr Albert Fynn, a representative from the Financial Stability Department of the Bank of Ghana, said the programme forms part of the central bank’s broader financial education strategy. Therefore, the Bank aims to equip citizens with the knowledge they need to make sound financial decisions.
BoG Warns Against Dormant Accounts and Illegal Digital Lending
Officials at the programme also raised the issue of dormant accounts and unclaimed balances. They explained that regular account activity prevents accounts from becoming dormant. In addition, presentations covered the implications of loan guarantees, illegal digital lending services, and responsible borrowing, including mobile money loans. The consequences of loan defaults on future access to credit also formed a key part of the discussion.
As a result, participants gained a clearer understanding of their rights and responsibilities when dealing with regulated financial institutions. Mr Fynn also stressed the importance of protecting banking credentials such as passwords and personal identification numbers and urged the public to follow proper procedures when lodging complaints with financial service providers.
BoG Urges Public to Accept Ghana Cedi Coins as Legal Tender
Mr Fynn further used the occasion to remind Ghanaians that the Ghana cedi coin remains legal tender. He urged all citizens to accept and use coins in their daily transactions for goods and services. He noted that the Bank of Ghana had over the years conducted public education campaigns through television, radio, and direct engagement with market women and other groups. However, he stressed that direct community engagement programmes like this one remain the most effective way to reach informal sector workers. In addition, Mr Fynn said the central bank would continue to roll out similar programmes across the country to deepen financial inclusion and protect citizens from financial exploitation.