Empowering youths through financial literacy

There is a segment of the population we cannot totally ignore. That segment keeps increasing in number in almost all parts of Africa. That segment can be a positive force of development when provided with the needed knowledge and opportunities to thrive. That segment is projected to grow by 7 percent to nearly 1.3 billion by 2030 according to a report by United Nations. That segment of the population is the “Youth”

The big question: As the number of youths keeps increasing; Are there systems in place to cater to their financial wellbeing or equip them with needed financial knowledge/skills?

In 2020, the Bank of Ghana reported a total fraud value of GHS 1 billion compared to GHS 115.5 million in 2019. The notable increase in the reported fraud values is because of several reasons but not limited to unemployment. In a report by BBC Africa, Cybercrime contributed to Ghana being blacklisted for money-laundering by the International watchdog; the global Financial Action Task Force in 2012. This dented the country’s international reputation as an investment destination.

Youths are becoming sophisticated and adaptable. If we don’t channel their energy into a productive venture, we will lose them to these social flaws. They want to make money; they are ready to learn and willing to invest in themselves. What are we doing to support them? The country needs these young champions. Let’s be proactive to identify and guide them.

The issue we have in this part of the world is that we feel these young ones belong to families and their families should be their responsibility. Yes, you are right, but also understand, it will take the government a lot if these young ones are not properly mentored or groomed to understand certain principles in life. Financial investment is key. They need to learn how to save in their early stage. Some countries are struggling currently to educate and employ their young people, while also anticipating substantial growth in the number of youths. These countries will be doubly challenged in their efforts to assure universal high-quality education, productive employment, and decent work for all.

If we keep saying, the youth are the future, the youth are the change-makers, then government, concerned stakeholders, NGOs must take financial education among these young ones to another level. It must be thought at all levels in the educational chapter. When these young ones are thought early how to make money, what it takes to make money from a young age, they understand what must be done when they need or have money. This, in a long way, can put a stop to so many social vices now developing among the youths.

The country is losing its active population to internet fraud because the government and other key stakeholders are “sleeping”. Our streets are filled with unlicensed Range Rovers, Toyota Camrys, etc. A decade ago, the term “Sakawa” was not even used in Ghana but now, is one of the common names you will hear around you.

The desire to have money among these young ones is uncontrollable. Some parents have not brought themselves to understand that these young ones are different and therefore need special attention to understand and guide them. They are totally different, and we must all understand that and gradually learn how to “sing their song” and eventually lead them to “our concert”. We must be very deliberate about it.

The rate of birth in Africa is increasingly alarming. Not alarming because giving birth is bad, No, Far from that. Technology is changing rapidly, and people are becoming more sophisticated. We want to understand almost everything at a click. According to the United Nations Department of Economic and Social Affairs department, the number of youths is growing rapidly. In 2015, 226 million youth aged 15-24 lived in Africa, accounting for 19 percent of the global youth population. By 2030, it is projected that the number of youths in Africa will have increased by 42 percent. Africa’s youth population is expected to continue to grow throughout the remainder of the 21st century.

The educational system of many countries is leaving behind an important proportion of the population, the youth. According to a report by the United Nations Department of Economic and Social Affairs department in 32 countries, About 80% of youths aged 15-24 years old are literate. Out of these 32 countries, 18 are projected to see more than a 40 percent increase in the number of youths between 2015 and 2030.

Teach youth how to make money, how to save money, how to invest savings, and how to be entrepreneurial. It’s important.

The National Youth Policy says the youth constitute the true wealth and future of our country. Addressing their hopes and aspiration must be an integral part of our socio-economic development efforts. The youth are a major source of human capital and key agents for socio-cultural, economic, and political development as well as technological innovation worldwide. Their imagination, ideas, energies, and vision are essential for the continuing development of societies. Their training, development, intellectual perspectives, and productive ability are key determinants of the progress and future of economies and societies.