Ghana has a population of nearly 30 million with an employment rate of about 41% and an unemployment rate near 6.8%. However, this leaves over 3.9 million Ghanaians (13% of our population) so poor they cannot afford three meals a day for themselves and their family; in rural areas it is higher. Many are struggling to survive less than $1.90 PPP (Purchasing Power Parity) (1) US per day. In Africa as a whole, the case is worse.

We are also experiencing increases in debt. We are not taught at home or school about planning for our future and why it’s important to have a current financial, estate and gift plans to protect themselves and our families. We have a collection of serious problems resulting in a high percentage of poverty coupled with a lack of financial awareness resulting in a serious financial illiteracy epidemic. This places a huge growing amount of pressure on families and friends, employers, nonprofits; as well as the ultimate safety net the government.

This is not just a local epidemic it’s an international one. Most people in Ghana and other African countries are not taught the essential principles to smart money management – the foundation to personal finance knowledge – at home or in school. Thus, they don’t have the proper tools to address everyday money decisions in an informed manner. This jeopardizes their financial and physical wellness, their ability to realistically achieve and maintain their personal and family financial dreams, let alone enjoy a financially secure debt free future.

To help address the lack of financial awareness and the financial illiteracy epidemic, Center for Financial Literacy Education (CFLE Africa), began taking an active leadership role to empower and educate all Ghanaians to make financially sound decisions. We also recognize organizations and their management, and individuals that are championing improving financial awareness and financial literacy in Ghana, Africa and the World to join forces in solving this global challenge.