The Board Chairman of Ghana Cooperative Credit Unions Association (CUA) Limited, Dr Bernard B. B. Bingab, has urged students to embrace entrepreneurship as a pathway to financial independence, ultimately helping them save for a brighter future.

“In the past, technical and vocational education was frowned upon. But today, entrepreneurship is key to surviving economic challenges. Technical and vocational education is the way forward for young people to create opportunities.

“By applying what they learn in school, students can start small businesses or projects that do not only generate income but also teach valuable lessons in saving and financial management,” he said.

Dr Bingab was speaking to the media on the sidelines of an event held at the University of Education Winneba (UEW) to mark this year’s World Savings Day (WSD) with students from Potsin T. I. Ahmadiyya Senior High School (SHS), Apam SHS, Uncle Rich SHS, A.M.E Zion SHS and Winneba SHS.

He explained that economic instability and trust were major barriers to savings culture among Ghanaians.

Therefore, he called on financial institutions such as the Credit Union to collaborate with schools and various savings clubs to sensitise students in primary and senior high schools.

"The sensitisation must focus on training and discussing some basic concepts on financial literacy,” he added.

World Savings Day

On the theme: “Secure your tomorrow with savings”, the event was organised by the German Sparkassenstiftung Western Africa (DSIK), in partnership with the UEW Co-operative Credit Union (UEWCCU), the Winneba Workers Credit Union (WWCCU), the Awutu-Effutu-Senya Teachers’ Co-operative Credit Union Limited (AES Credit Union) and the Ghana Cooperative Credit Unions Association (CUA).

It aimed to provide students with an introduction to financial literacy early in life and teach them essential skills like saving, budgeting and managing money.

Other activities to mark the day included debates, art displays, and a poetry recitation competition, which showcased the students' talents and creativity.

Economic stability 

The Country Representative of DSIK Western Africa, Peter Schussler, said his outfit was committed to empowering future generations to make informed financial decisions and contribute to economic stability.

He explained that the WSD formed part of efforts to cultivate a culture of responsibility, preparing students to handle financial challenges and navigate them easily.

According to him, the introduction of savings clubs among senior high schools in Ghana could play a critical role in cultivating a savings culture among students.