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27.04.2015 Education

Increase financial literacy in education system - Prof Steel

27.04.2015 LISTEN
By GNA


Accra, April 27, GNA - Professor William Steel, an Adjunct Professor of the University of Ghana's Institute of Statistical, Social and Economic Research, has called for greater inclusion of financial literacy in Ghana's education system.

He cited one instance where some remarkable finance educational materials which were being used in Zambia, were found to have Ghanaian origins: the materials exist in Ghana but are not being employed in teaching and learning.

The Adjunct Professor was speaking on the theme: 'The Role of Financial Services in Poverty Reduction and Social Inclusion in Ghana,' at the annual general meeting of the Brandeis Graduate Association of Ghana in Accra.

He said poverty reduction, social and financial inclusion efforts for the marginalized in society, such as the provision of micro-finance services, must embed more financial literacy for the targeted low income earners and for the younger generation as well.

'In Ghana, the good news is that financial services have been extended to many people, but the bad news is the interest rates; and many people are not very literate to know what they are getting into,' Prof Steel said.

The Brandeis Graduate Association of Ghana which is the Ghanaian alumni association of Brandeis University in Massachusetts, was inaugurated in 2014 with the aim of reducing poverty and improving access of the deprived in society, to education and health.

Mr Samuel Kwotuah, President of Brandeis Graduate Association of Ghana, said the self-funding association was not in a rush to design and execute its projects as they need to be designed carefully to be feasible.

He disclosed that in the near future, the organization would be going into policy dialogue with government.

'We will be taking some of the policies, trying to analyze those policies and see how the policies will have impact on Ghanaians and what advice we can give to government so that we would be able to implement laudable policies', the President said.

GNA

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