Children handle money early these days

Jun 07, 2010

Children in Ghana have a special subject in school: Financial Literacy. Abdullateef Abubakar Jos spoke to Diana Esi Mantey, Director of Curriculum, Research and Development at Ghana Education Service, about the impact of these courses.

What is your understanding of financial literacy?

It concerns issues like managing money, and whatever people make use of in terms of resources in their daily transactions.

How do you think integrating financial literacy into high school curriculum can be beneficial to the youth?

Children right from the early stage these days handle money, so as early as possible all issues relating to money should be made known to them. This will help them in handling money properly, encourage them on the need to cultivate a saving habit and train them not to embark on wasteful spending.

What is Ghana's experience on the teaching of financial literacy in schools so far?

We operate a national curriculum on education, with financial literacy

incorporated in the syllabus right from primary up to high school level for over twenty years. We have an integrated approach towards this. Hence issues as such have been spread into subjects like citizenship education, social studies, business studies and at the high school level this include costing and accounting. Also all the vocational schools have components of financial literacy.

Do you think the introduction of business clubs or associations that give practical training on understanding economic and financial matters, aside the theoretical aspect in schools, can create better understanding?

I believe so, as this may surprise you that some graduates of various field
can still not make judicious financial decisions and wise investment due to their lack of understanding of financial issues. Therefore, I believe if we can sustain the practice in the younger ones, they will imbibe this attitude of financial discipline at a very tender age and exhibit a sense of responsibility in handling money and making financial decisions, which will guarantee their sound decisions and willingness to invest, because this is a skill they need to have. Everybody handles money at a point in time.