The Ministry of Finance, in collaboration with the World Bank, Bank of Ghana, and other financial institutions has held a financial literacy training workshop for businesses in Tamale.
The workshop, which was under the National Financial Education Campaign Programme, sought to strengthen citizens’ financial capabilities and promote responsible financial behaviours.
It was attended by industry players in the financial sector including representatives of the Securities and Exchange Commission, National Pensions Regulatory Authority, National Insurance Commission, and the Ghana Microfinance Institutions Network.
Mr Tweneboah Kodua Boakye, Executive Secretary of Ghana Association of Savings and Loans Companies, speaking during the workshop in Tamale, advised businesses to keep records to give them a more accurate picture of their operations.
He also urged them to pay back their loans, which should be their priority as non-payment could affect their credit score and loan liability negatively.
Mr Richard Kwame Amegashiti, Head of Brokerage Services at CDH Securities Limited, expressed the need for companies to add value to their goods and services to promote their businesses.
He said adding value to a product or service helped to attract more customers, which could boost revenue and profits.
He also urged the businesses to secure their savings by operating with only licensed financial institutions.
Mrs Felicia Kraja, Northern Regional Secretary of TUC Ghana, advised informal sector operators to join the new third tier pension scheme to enhance their retirement income.