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The Chief Executive Officer of Ghana Association of Banks, Mr John Awuah, has charged Ghanaians to prioritise investments and insurance schemes to mitigate business risks and stimulate economic growth.
He explained that the prioritisation of investment and insurance schemes by the citizenry would help protect businesses from unforeseen events, promote sustainability, and foster a resilient economy.
According to Mr Awuah, there was the need for the citizenry to prioritise financial planning and wise spending, as their actions laid the foundation for future generations’ wellbeing and prosperity.
He was speaking at the National Estate and Gift Planning Awareness conference held in
Accra on Friday as part of activities in celebrating October as estate planning awareness month .
It was organised by the Centre for Financial Literacy Education Africa under the theme, ‘Estate and Gift Planning: An instrument for wealth and sustainability; giving back, giving forward.’
The event brought together more than 100 participants, including policymakers, entrepreneurs, industry players, and businessmen from across the globe, to explore and share innovative ideas on ways in shaping the future of finance in the country.
Despite the growing adoption of investment and insurance, Mr Awuah noted that a significant number of individuals remained uninformed about its pivotal role in bolstering the economy.
He emphasised the pivotal role of estate planning in fostering economic growth and national development, stressing its significance in long-term economic stability.
Furthermore, he explained estate and gift planning as the process of managing and distributing one’s assets, properties, and wealth during his or her lifetime and beyond.
?”The sustainability of family businesses in Ghana is paramount, given their substantial contribution to government tax revenues,” he added.
The Executive Director of the Centre for Financial Literacy, Mr. Peter Asare Nyarko, highlighted the importance of individuals safeguarding their properties from unauthorised acquisition or theft by others.
“Impact investing and sustainable giving provide a powerful framework for fostering economic growth, job creation, and social progress, while ensuring a resilient, equitable, and sustainable future for generations to come,” he indicated .
Mr Nyarko emphasised the importance of planning living wills and urged citizens to take proactive steps in outlining their end-of-life medical preferences in order to ensure that their wishes are respected.
