Financial Information Penetration in Ghana Increases to 95 Percent, But Many Still Fall Victim to Fraud

According to the Deputy Minister of Finance, Abena Osei Asare, financial information penetration in Ghana has exceeded government projections for the year 2023, reaching about 95 percent.

This is up from 41 percent in 2010 and 58 percent in 2015. However, despite the increase in financial information available, many Ghanaians are still falling victim to Ponzi schemes and other financial fraud activities.

During the launch of the Financial Education Campaign in Accra, the Deputy Minister stressed the importance of making informed decisions with respect to financial needs.

She explained that financial capability, or the ability to make informed decisions about one’s finances, is the key factor in preventing financial fraud.

The Deputy Minister urged Ghanaians to take advantage of the financial education campaign to reduce their risk of falling victim to Ponzi schemes and other financial fraud activities. She noted that many people are enticed by promises of quick profits, only to find out later that these promises are false.

While the increase in financial information penetration is encouraging, the government and financial institutions should continue to invest in financial education initiatives to equip Ghanaians with the skills and knowledge to make informed financial decisions. The fight against financial fraud requires a collective effort from the government, financial institutions, and individuals.