In Ghana, access to financial services has expanded significantly. The World Bank Global Findex (2021) reports that 68 per cent of Ghanaian adults now have a financial account, up from 58 per cent in 2017. More people have mobile wallets and bank accounts than ever before. But having a financial account is not the same as knowing how to make money work for you.

If money dictates so much of what happens in life, why is financial literacy not a priority? Part of the issue is cultural—money conversations are often deemed  private, sometimes even a taboo. Schools often overlook personal finance, leaving many to learn about money through experience, which may not always be the most effective approach. This leads to missed opportunities, avoidable financial struggles, and too many people ‘getting by’ rather than getting ahead.

The good news is that financial literacy is a skill like any other. It can be learned, improved, and used to make better financial decisions. The more you know about managing money, the more you can do for your future.

Limited Awareness of Financial Opportunities

Imagine walking into a market filled with the freshest produce, the best deals, and the most competitive prices—but instead of exploring, you head straight for the first stall you see, buy whatever is available, and leave. You may have missed better deals just a few steps away.

This is exactly what happens in finance. Many people do not take full advantage of the financial products and services available to them—not because they are uninterested, but because they simply do not know what exists.

The numbers tell the story. While 68 per cent of Ghanaian adults have financial accounts (World Bank Global Findex, 2021), many use them only for basic transactions—deposits, withdrawals, and money transfers. The full suite of financial opportunities—low-interest loans, high-yield savings, investment platforms, insurance, and wealth-building tools—often remains untapped.

Why does this happen?

A Culture of Silence Around Money

In many Ghanaian households, money is not openly discussed. Not many parents or Guardians teach children how to save, borrow, or invest. Admittedly the situation is not as dire as years gone by. Many people avoid financial conversations to prevent being judged, revealing their financial status or creating an expectation. This naturally creates  an information gap that extends into adulthood. Unlike other aspects of life, where advice is freely shared, money remains a private topic, leaving many individuals to figure it out through trial and error.

Though financial inclusion in Ghana has surged—thanks to mobile banking and fintech innovations—financial literacy has not caught up to the expected level.

This gap makes people more cautious about engaging with financial products they are unfamiliar with. Some strive to avoid debt, even when structured loans could help them grow a business or secure a home. Others stick to cash savings, unaware that investment accounts could offer better returns. Greater awareness can build confidence, unlock opportunities, and encourage better use of financial services.

Because of these barriers, many people default to informal financial practices. Instead of structured savings accounts, they keep money in cash. Instead of taking advantage of formal credit, they rely on family loans or community lending schemes. While these methods may serve short-term needs, structured financial solutions offer protection, interest growth, and long-term wealth-building potential.

Bridging the Gap

Knowledge is the key to unlocking better financial decisions. People do not need to be financial experts, but they do need enough knowledge to make informed choices. The right information—about savings, loans, investments, and digital banking solutions—can empower individuals to stop operating on autopilot and start making strategic financial moves.

This is why financial literacy must become a priority, not an afterthought. When people are equipped with the right knowledge, they can take advantage of the full spectrum of financial tools available to them, rather than sticking to what is familiar.

Absa Bank is helping bridge this gap through financial literacy programmes for young people. Its ReadyToWork initiative, an e-learning programme that provides young professionals with essential career skills, covers key areas such as money management, entrepreneurship, and financial planning. ReadyToWork emphasises financial literacy as a core part of career success. By helping young people understand how to budget, invest, and plan for the future, the programme equips them to make informed financial decisions that support long-term professional and entrepreneurial growth.

Absa’s financial literacy programme, Money Matters, is another key initiative. Since its launch in April 2024, it has reached over 92,000 young individuals across 102 basic and senior high schools in four regions. Its interactive curriculum and real-life scenarios ensure that students not only understand financial concepts but also know how to apply them in their daily lives.

Absa Bank’s efforts extend beyond students to SMEs. The bank's monthly SME Business Clinics provide businesses with practical financial management training, sound business practices, strategic insights, and networking platforms to scale their operations. In 2024 alone, over 800 participants received training in financial accounting, audit processes, business management strategies, digital marketing, and business sustainability, among other areas,

Financial literacy is not just about numbers—it is about choices, opportunities, and security. With the right knowledge, individuals and businesses can move beyond survival mode and start building a stable and prosperous future.