The Bank of Ghana (BoG) has urged senior high school (SHS) students to handle the Ghana cedi with care and pride. This initiative aims to extend the lifespan of the national currency and reduce the significant cost of printing replacement banknotes.
This appeal was made during a one-day financial literacy sensitisation program. The BoG organised this event for selected senior high schools at St James Seminary Senior High School in the Sunyani Municipality of the Bono Region. The program is a key part of the central bank's ongoing efforts to promote financial inclusion and strengthen financial literacy among young people.
This outreach fits into Ghana's broader economic strategy to foster responsible financial behaviour from an early age. The BoG has consistently worked to educate the public on its mandate and operations. This new focus on students highlights a proactive approach to currency management and economic stability. Maintaining the integrity and longevity of the cedi is crucial for the nation's financial health.
Mr. Emmanuel Ansu-Gyeabour, an official from the Financial Stability Department of the BoG, stated that the central bank has conducted similar public education programs for various groups. These groups include security service personnel and market women. He confirmed that the BoG is now extending this vital initiative to senior high schools, with 10 out of 30 schools in the Bono Region selected for this year's program.
The program covered a wide range of essential topics. These included responsible saving and investment practices, how to identify BoG-licensed financial institutions, and safeguarding personal banking information. Students also learned to recognise fraudulent investment schemes and understand complaint resolution procedures. A crucial component was educating them on the security features of genuine banknotes, helping to combat counterfeiting.
Mr. Ansu-Gyeabour encouraged the participating students to cultivate the habit of saving early to secure their financial future. He also guided them through the different categories of regulated financial institutions in Ghana. This education helps students avoid falling victim to Ponzi schemes and other fraudulent investment operations, protecting their future earnings.
Mr. Kwadwo Yeboah, an Economics tutor at St James Seminary Senior High School, commended the BoG for organising the program. He appealed to the central bank to collaborate with the Ghana Education Service (GES) to expand the initiative. Mr. Yeboah suggested extending it to junior high and primary schools across the country. He believes introducing financial literacy at a basic school level would empower children and improve nationwide financial understanding.
The BoG's proactive engagement with young people is a long-term investment in Ghana's economic future. By instilling proper currency handling and financial prudence early, the central bank aims to reduce the frequency of banknote replacement. This will lead to significant savings in printing costs, which can then be redirected to other critical national development projects. This strategic move also helps to build a more financially aware and responsible citizenry, capable of making informed economic decisions.