Bank of Ghana and CBG Intensify Financial Literacy Drive to Shield Students and Persons with Disabilities from Digital Risks

The Bank of Ghana (BoG) and Consolidated Bank Ghana (CBG) have launched major financial literacy initiatives aimed at empowering vulnerable groups and the youth against the growing complexities of the digital economy. While the central bank is targeting second-cycle institutions to address risks associated with digital loans, CBG has focused its efforts on enhancing the economic independence of persons with disabilities (PwDs). These coordinated efforts reflect a national priority to bridge the financial knowledge gap and foster responsible financial participation across diverse demographics in Ghana.

The Bank of Ghana's initiative, led by Godfred Cudjoe of the Financial Stability Department, specifically targets senior high school students in the Western Region, including those at Archbishop Porter Girls, Adiembra SHS, and Mpohor SHS. The program aims to correct common misconceptions about banking products, such as the legal role of a 'next of kin' and the responsibilities of loan guarantors. By educating students early, the BoG hopes to create a generation of financially savvy consumers who can navigate the risks of digital financial services and pass this vital knowledge on to their families.

Simultaneously, Consolidated Bank Ghana has successfully trained 200 persons with disabilities from various organizations across the Greater Accra Region. Organized in partnership with Korklu's Foundation and the Ghana Federation of Disability Organisations, this one-day program provided practical financial skills and facilitated the opening of new bank accounts with initial deposits for all participants. Sheila Azuntaba, CBG’s Deputy Managing Director, and Dorcas Naa Afotey, CEO of Korklu Foundation, emphasized that the initiative is a testament to the bank's commitment to financial inclusion and equal opportunity for all, regardless of physical ability.

These educational drives come at a critical time as the rapid expansion of digital financial services in Ghana has exposed many to risks such as predatory borrowing and dormant accounts. Beyond theoretical training, the programs have showcased the entrepreneurial potential of participants, particularly through exhibitions of handmade goods by the PwD trainees. As Ghana continues its digital transformation, these literacy programs serve as a foundation for a more resilient and inclusive financial ecosystem, ensuring that both the youth and marginalized groups are equipped to make informed economic decisions.