Sunday, 25 February

Financial literacy strategy to be implemented in 2022 – Ofori-Atta

Ken Ofori-Atta - Finance Minister

Following the recent financial sector clean-up, the government says it has become imperative for it to embark on a financial literacy campaign across the country to promote understanding of the benefits and risks associated with financial products and services, and enable Ghanaians make decisions in their best interests.

To this end, a five-year (2021-2025) National Financial Literacy Strategy which was developed to serve as a blueprint for the financial literacy programme, according to the government, will be implemented in 2022 with a pilot in some selected districts to test the appropriateness of the designed literacy tools and materials.

Following this, the government will expand the programme to cover all 16 regions in the country.

These were contained in the 2022 budget statement presented by Finance Minister Ken Ofori-Atta before Parliament on Wednesday, 17 November 2021.

Touching on other financial literacy programmes, Mr Ofori-Atta said “Mr. Speaker, following the passage of the Anti-Money Laundering Act, 2020 (Act 1044), the Ministry sensitised 896 participants from relevant institutions and other stakeholders on their obligations under the new legislation, and trained them on various aspects of enhancing Anti-Money Laundering/Combating the Financing of Terrorism (AML/CFT) compliance.”

In 2022, he said the Financial Intelligence Centre will strengthen collaboration with other regulatory and supervisory bodies and Law Enforcement Agencies (LEAs) to deepen and improve understanding of money laundering and terrorist financing risks.

This, according to the Minister, will enhance the fight against money laundering, terrorist financing and the proliferation of weapons of mass destruction.

Mr Ofori-Atta assured that the government will commence the development of sector specific Anti-Money Laundering/Combating the Finance of Terrorism guidelines for the Designated Non-Financial Businesses and Professions (DNFBP) sector to ensure compliance as required by the Anti-Money Laundering Act, 2020 (Act 1044).

“In 2022, the respective AML/CFT guidelines for Accountants and Casino Operators will be developed to guide their operations in line with the law,” he said.

Source: Mensah