The Reverend Kwasi Twum, Chief Manager of the Financial Stability Department at the Bank of Ghana (BoG), has underscored the importance of personal financial security for informal sector workers. Speaking at a sensitization program on banking services, consumer rights, and responsibilities in Sunyani, Rev. Twum advised individuals in the informal sector to prioritize securing their finances to safeguard their bank accounts and business transactions.
The program, organized by the BoG, aimed to enhance financial literacy among informal sector workers, protect them against scams, and empower them to make informed decisions to boost their financial well-being. Participants included artisans, traders, small and medium enterprise operators, members of garage associations, and representatives of social clubs from Sunyani and its environs.
Rev. Twum encouraged informal sector workers to register for and receive SMS banking alerts, emphasizing that this would help protect their savings and investments against unauthorized withdrawals. Mr. Augustine Amoako Donkor, another Chief Manager at the Financial Stability Department of the BoG, highlighted the significant threat posed by financial fraud to individuals in the banking sector, particularly informal sector workers who are often vulnerable to scams.
Mr. Donkor stressed the need for increased awareness and vigilance among informal sector workers to protect themselves from financial scams and devastating losses. He advised participants to thoroughly understand the terms and conditions of loan agreements before signing them, as overlooking this step could lead to unforeseen consequences.
Nana Abena Asaa Parker, Head of the Financial Literacy Unit at BoG, addressed consumer responsibility, advising loan guarantors to carefully consider the trustworthiness of borrowers. She cautioned guarantors that they would be held responsible if borrowers failed to repay loans, emphasizing the importance of prudent decision-making in financial matters.
Participants acknowledged that the program had enlightened them about the risks associated with banking, financial transactions, and business, and they urged the BoG to undertake more aggressive sensitization efforts to protect more people in the informal sector. This initiative reflects the BoG's commitment to promoting financial literacy and protecting the financial interests of all citizens, including those in the informal sector.