May 30, 2024

In order to promote individual financial planning most especially for retirement, Ghanaians have been called upon to adopt and expand personal investment for the future.

A lecturer at the University of Ghana Business School’s Department of Finance Dr. Godfred Amewu who made this call said it is imperative for everyone to diversify their investments to avoid losing the capital and everything.

He made this call when speaking at a business forum organized by Maxwell Investment Group.

Delivering a speech titled “Knowledge Tilt in Financial Literacy and Retirement Planning.” Dr. Godfred Amewu stressed that diversification is a key to prevent financial risks.

He also advised individuals to consider allocating their resources into treasury bills, real estate, equity markets, and even cryptocurrency markets to boost their financial capacities.

“When it comes to personal finance, diversification is key. It has the key role in minimizing your risk so as an individual if you don’t diversify and you put all your money into one particular investment and when the risk strikes you could lose everything. Put some into treasury bills, real estates, the equity market and even into the crypto currency market.” He said.

The forum, themed “The Impact of Financial Literacy in Post-Retirement Financial Security,” aimed to raise awareness and facilitate discussions on financial literacy and retirement planning.

Addressing the media after his presentation, Dr. Amewu urged stakeholders, especially the government, to integrate financial literacy and retirement planning into the national curriculum. He emphasized the importance of government involvement in fostering financial education among the youth, suggesting collaboration with academic institutions to introduce relevant courses or incorporate financial literacy components into existing programs.

“Government is the number one stakeholder in human resource development and the youth we all know now most of them are not really interested in financial literacy and retirement planning. Government can engage the academic board and institutions that are into training so that we can factor that into our curriculum and encourage the youth to take courses. If not we can also within the academia include certain courses that you must take courses that have degree of issues on financial literacy and retirement planning. That will create awareness and gradually the youth can buy it and it will transcend into greater economic improvement.” The Lecturer indicated.

Dr. Amewu further outlined the benefits of investing, emphasizing its role in securing future financial stability and promoting economic independence. He noted that investing in financial instruments not only prepares individuals for potential economic challenges but also contributes to overall well-being and longevity.