The informal sector consist only of small and medium enterprises, but is the driver of the economy in most African Countries. But the people in this sector are not aware of the different financial services or packages they could go for, to better their businesses. If business people in the informal sector became more aware of financial issues, this could lead to economic transformation. by Prossy Nandudu
Microfinance institutions play a crucial roal in educating people in financial literacy. But they have not lived up to the expectations, Ekuba Quarmine and Chamsan Audu say. [more]
BUSINESS CAREERS START IN SCHOOL
There is a new subject for highschool students in Ghana this school year: The government decided to introduce Financial Literacy classes into the country’s highschools’ curiculum in order to make students more aware of financial issues. Eric Sampson visited a school in Accra to find out more about the new program. [more]
FINANCIAL LITERACY – KEY TO ECONOMIC GROWTH
Youth as leaders of tomorrow needs a better understanding of financial issues which will fast-track economic growth in Africa. Hence the integration of financial literacy in schools has been identified as the key, Diana Esi Mantey of the Ghana Education Service says in an Interview with Abdullateef Abubakr Jos. [more]
SAVING WITHOUT BANKING
Saving money with the bank is not only safe, it also ensures that people don’t miss out on the interest and the safety that go with it. Interestingly, some Ghanaians still prefer to stick to the traditional Ghanaian way of saving, called “Susu”. They save regular amounts of their money and give it to trusted persons every day to keep it till the end of the month. For this service the pay one day’s fee to the Susu collector. Yet he brings the money to the bank and keeps the interest on it. The system is less safe than banking, and people have to pay instead of getting interest, but still, many prefer it to going to a bank.
Bernard Agyemang visited the 37 Lorry station in Ghana and reports on what savings mean to some people in Accra.
SUSU: PRO & CONTRA