“Financial Literacy is Key in Unlocking Ghanaian Youth’s Potential” – YIN Exe. Director Advocates

Mr. Joshua Mensah, Executive Director of the Young Investors Network, has emphasized the importance of educating the youth on financial literacy because it will provide them with the necessary information to effectively manage their research.

Joshua Mensah stated on Radio Univers’s Talking Business show that educating the youth on financial literacy would help them make well-informed financial decisions, as gambling and betting are a growing threat to the youth’s finances.

He also stated that young entrepreneurs must be given the financial assistance they require to ensure the success of their businesses.

“In order to support our youth, we need to give them a lot of knowledge, and financial literacy is one key thing we need to give to them. So it is important to empower and get everyone involved in this particular project because, if you look at how the youth are entering into betting and gambling, it is quite serious. Financial literacy will not only help you manage your money but also keep you well-informed.”

“For instance, when you look at what happened in Ghana in terms of banking and investment issues and also the collapse of some companies, you will realize most people are not well informed. Ghana is raising a lot of entrepreneurs; however, if they are not well informed, they end up making wrong decisions in relation to their businesses, so we need to provide them with financial resources, give them the necessary tools, and educate them on financial literacy. This would help the youth create more jobs and generate income for themselves,” Mr Mensah said.

Furthermore, Mr. Mensah urged the government to create more financial literacy educational platforms for the general public in order to encourage proper financial management among the population.

“The government is doing very well; however, one key issue is that financial education, which is the first pillar of empowerment, is not being taught to these young entrepreneurs. So when you do not give them the necessary knowledge of financial literacy, they may make money, but you will not know how to manage their money. It is therefore essential that we equip our entrepreneurs with fundamental knowledge and skills. So I think the government is doing well, but they should focus more on financial education.”

He also advised the youth, particularly young entrepreneurs, to prioritize their education in order to broaden their skill set. He believes that being educated allows one to make better decisions in life.

“Personally, I think everybody needs education because if we look at those who did not go to school but have made it in life, they will tell you that they regret not going to school. Education is about giving you information. The only difference between the rich and the poor is information, so you may not be going to school and be doing very well, but if you have education, you would do better than where you are, so I believe that every young person, particularly young entrepreneurs, should add education to it.”