Financial Literacy and Awareness Advances in Ghana

The Inspiring Story of Peter Kwadwo Asare Nyarko

Peter is the founder and Executive Director of The Center for Financial Literacy Education – Africa (CFLE Africa); a non-profit in Ghana that is significantly advocating for financial literacy in Africa. His goal is to help mitigate the financial illiteracy pandemic through partnerships and collaborations with other organizations, educational institutions, municipalities, employers and news media. Recently established campaigns in Ghana include:

• Financial Literacy Month in April

• Estate & Gift Planning Awareness Month in October

Peter is on a mission to positively impact lives with advocacy and accessibility to useful resources so people can make educated decisions on their financial future.

On the 31st of March, The Improving Financial Awareness & Financial Literacy Movement in Ghana was launched at a media press conference held at University of Ghana and hosted by CFLE Africa. The University of Ghana Business School, The FA Association, and The Financial Awareness Foundation (TFAF), and its partners including Axis Pension Trust, PALI Global, Pro Patria Ltd, High School Gh, and others strategic partners and stakeholders including reps from Bank of Ghana, Ministry of Finance, Ghana Association of Bankers, EDC Investments Limited, KPMG Ghana, the 13 Thought Leading News Media Organization, declaring April to be known as Financial Literacy Month in Ghana.

The Month was dedicated for financial awareness and financial literacy activities. The month was celebrated with various virtual seminars, media campaigns and community outreaches. There were social media campaigns such as daily quotes by strategic partners, interviews and speaking engagements to address issues of finances and money management.

On April 30th, Peter collaborated with the National Commission for Civic Education (NCCE - La- Nkwantanang, Madina) to implement a community outreach program at the Madina Market Center.  A team of about 40 volunteers engaged over 300 market women and men on financial awareness and financial education to help them get and keep their financial house in order.

Most women in the community shared that they have lost confidence in financial institutions and the banking sector due to the closure of most banks by the government, and this has led to no savings, or if they do, they save in their homes. 

The Movement addressed most of their concerns and advised them to keep their financial house in order.

While speaking on a popular television station with Award Winning Journalist Bela Mundi, Bela stated: “most young people think creating wealth happens overnight, that’s not true. There are processes you have to go through. All the wealthy people we see around went through the process. I think we are not telling young people what they need to hear. We have to do something about it and get young people to start thinking.” 

Peter concurs with this statement and believes financial literacy is the foundational skill needed to create a brighter future for all—especially the youth.

The first edition of Financial Literacy Month in Ghana has created momentum and Peter is looking forward to pushing the movement even further by continuing his work and by helping to form the first Mango X chapter in Africa.

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Peter Kwadwo Asare Nyarko, Executive Director CFLE Africa, 

Email: peternyarko403@gmail.com