By: Deborah Amewoyi
Ghana’s Central Bank, Bank of Ghana as part of its financial literacy on savings has announced that individuals do not require a specific age limit to commence savings.
BoG shared on its official X platform advising individuals to cultivate the habit of savings irrespective of their levels of income. The central bank clarified that the act of savings is a means of regularly setting aside part of ones earnings or income for future use.
Subsequently, the post added that for financial stability individuals must also adapt to the habit of saving with licensed BoG financial institutions across the country. it listed Banks [eg. GCB, CAL bank, Agricultural Development Bank, GT bank etc] Rural Banks, Savings and Loans Company, or a Microfinance Institutions in order to accumulate capital over the time against future investments.
“Once you have built-up
sufficient capital through savings over time, you may consult your financial advisor for other investment opportunities that would yield better returns, including Treasury Bills, Fixed Deposits and Certificates of Deposits offered by the bank.” it further advised.
Notably, BoG underscored the fact that accumulating sufficient savings over the time will prepare individuals adequately for the uncertainties life may present. Additionally the bank said it is not against saving with susu collectors however individuals must build a rapport with these collectors through phone calls and active monitoring of various record keeping sites or documents ( momo SMS, passbook, gmail, deposit slip etc.) to avoid fraud or theft.
Individuals are hereby advised to save now and regularly in order to secure their future.
