In light of the current economic crisis, the Minister of Finance, Ken Ofori-Atta, has warned Ghanaians to be aware of people and organisations that advertise big profits and incomes or money-doubling opportunities.
The minister stressed the need for people to make educated financial decisions in a speech that was read on his behalf at the opening ceremony of the 4th Financial Fair on Wednesday, October 11, 2023, at the University of Ghana Business School.
Therefore, it is crucial for each individual to have knowledge of financial institutions, goods, instruments, and services in order to make wise financial decisions.
'Gold flees the man who would compel it to unattainable gains or who follows the seductive advice of tricksters,' states the fifth law of the Book of Babylonians.
The impossibility of quickly doubling your money is a key financial principle that everyone must follow in these and other circumstances. We need to be wary of organisations and people that promise to bring in large sums of money but then leave without paying. Proverbs 30:11, which is repeated throughout the excellent old text, supports this, he said, pointing out the large financial literacy gap in Ghanaian society.
The minister mentioned a number of government initiatives, such as the creation and implementation of the National Financial Inclusion and Development Strategy, which aims to reduce income inequality and economic vulnerability by creating a comprehensive financial inclusion strategy.
The minister praised Kotlers Management Services, the Financial Fair's organisers, for supporting government efforts to raise financial awareness among Ghanaians while also emphasising government initiatives to expand the investment landscape and safeguard investors.
In his welcome address, Samuel Ogyiri Sackey, managing director of Kotlers Management Services, emphasised the importance of the occasion and the topic "Making Prudent Financial Decisions in Times of Adversity."
The Financial Fair this year is a three-day event that will be held from Wednesday, October 11, to Friday, October 13, 2023. It is being arranged in collaboration with financial regulators.
The occasion brings together professionals from the sector in order to inform, present, engage, and market financial goods to the public.
Representatives from the different financial regulators, including the National Insurance Commission, Securities and Exchange Commission, National Pensions Regulatory Authority, and the Bank of Ghana, were present for the opening ceremony, which was followed by a seminar on the issue.
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