Children
and youth in Ashanti region joined others worldwide to commemorate this year’s
MONEY Day, instituted by the Child and Youth Finance
International (CYFI) in the interest of young people.
The
theme for the 2013 celebration is: “Sustaining
the Future of Finance”, with the objective of inculcating into the young
people the habit of savings and responsible spending.
Young people in sub-Saharan Africa, aged 15–25 years, make up
47 percent of the population, but only 16.8 percent hold accounts at formal
financial institutions.
Savings products that allow disadvantaged youth in developing
countries to accumulate savings and assets early in life may accelerate their
access to better education, greater health services, new skills and economic
opportunities.
However, major barriers exist for financial institutions to
provide youth with savings services, including the costs of such services and
the lack of knowledge about effective products and delivery channels.
Since 2011, local NGO, the Bright Generation
Community Foundation, has partnered with the CYFI to promote financial
education and encourage savings amongst school children in Ghana.
“The Foundation has initiated innovative
programs including the establishment of Child and Youth Finance Clubs in
primary and Junior High School and the Child Savings and Entrepreneurship
Scheme where children in the Junior and Senior High Schools are engaged in
income generating ventures to raise funds to save in their bank accounts”, said
Bernice Dapaah, Executive Director of the Foundation.
These youngsters are first matched with
Ghanaians in the Diaspora who adopt a member of the child savings club and
invest in them by giving them seed monies to open a savings account, she noted.
“By developing the habit of savings and receiving financial
education, children change their financial and personal futures
by opening up savings accounts”, Ms. Dapaah stated.
She
observed that many young people are engaged in petty trading and other income-generating
activities, but lack the habit and culture of savings, as they spend their
earnings irresponsibly.
The
institution of child and youth finance initiatives, according to Ms. Dapaah, is
to aid rural-urban poor households with valuable opportunities to ease their financial
constraints and enhance their right of quality and sustainable education and
livelihood.
The
March 15th International MONEY Day event in Kumasi, attracted representatives
of Access Bank, Ministry of Gender, Children and Social Protection, Ghana
Education Service and the National Youth Council.
They
made presentations on child saving policies and interacted with the children and
youth, who also shared experiences on having savings accounts.
Students
of Good Shepherd RC JHS, Mmofraturo JHS and Malincoln Basic School, debated on the
topic: ‘Child Finance’.
Story
by Kofi Adu Domfeh
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