Economist Professor Godfred Bokpin has called for a major shift in Ghana’s approach to financial education. He urges institutions to meet people on the digital platforms where they increasingly spend their time. This move is crucial for enhancing financial literacy across the nation.
Professor Bokpin believes financial literacy efforts must move beyond occasional campaigns. He advocates for a coordinated approach that starts from an early age. This strategy aims to build a strong foundation for citizens in managing their finances.
The economist made his remarks at the JoyNews-Hubtel dialogue on fraud’s impact on Ghana’s digital economy. He argued that the rapid growth of digital finance requires citizens to have stronger financial and digital literacy skills. These skills are essential to protect themselves from fraud and make informed financial decisions.
Professor Bokpin stated that the traditional Western idea of the financial market is not for ignorant people. He quoted a saying in finance that every financial market participant ought to meet some minimum financial literacy standard. This highlights the universal need for financial understanding.
Financial education should not only be introduced when problems emerge, according to Professor Bokpin. It should become part of a broader national strategy. He suggested an integrated approach, starting financial literacy education right from kindergarten.
Education alone is no longer enough in an increasingly digital economy, Professor Bokpin stressed. He emphasized the importance of digital skills. He noted that one can be educated but digitally illiterate, leading to successful unemployment in today's world.
Professor Bokpin also called for greater coordination among institutions responsible for financial education. He argued that public awareness messages must be consistent and reinforced. This ensures that citizens receive clear and unified guidance.
It is easier to find people online today than in physical locations, Professor Bokpin observed. He added that institutions should follow this trend in how they reach people with information. This digital outreach can significantly broaden the scope of financial education.
The economist added that while physical engagement remains important, modern communication requires a stronger online presence. He noted that people may be physically present but actively engaged online. Investing in digital platforms is therefore critical for effective communication.
Professor Bokpin’s comments come amid growing concerns over fraud in Ghana’s digital financial ecosystem. More people now rely on mobile money, online banking, and other digital platforms for transactions. This increased reliance necessitates enhanced protective measures.
He believes a coordinated financial and digital literacy programme could help citizens better navigate the risks. This programme would equip them to handle the expanding digital economy safely and effectively.