Kumasi: University students have been urged to equip themselves with knowledge and skills in finance to help them build, grow, and sustain their businesses in the future. Professor Fredrick Kwaku Sarfo, Vice Chancellor of the Akenten Appiah-Menka University of Skills Training and Entrepreneurial Development (AAMUSTED), emphasized the critical role financial literacy plays in building a successful enterprise during a financial literacy summit.
According to Ghana News Agency, Professor Sarfo highlighted the importance of resourcing students with practical financial skills and money management knowledge. This initiative aims to prepare students, trained in employable skills and entrepreneurial development, to establish and grow successful businesses. The summit, organized by the Students Representative Council (SRC) of AAMUSTED, focused on 'financial fitness: building wealth and securing your future' and sought to educate students on saving, investing, and managing finances effectively.
Professor Sarfo stated that the summit aligns with the university's vision of equipping students with entrepreneurial skills for their future. He encouraged students to utilize the knowledge gained from experts to better prepare for their careers. Mrs. Janet Acheampong Otoo, Financial Analyst and Acting University Treasurer of AAMUSTED, also addressed the summit, emphasizing the significance of financial education for women to ensure financial independence and successful business management.
Dr. Prince Gyimah, a lecturer at AAMUSTED, stressed the importance of future planning and strategic thinking in business success, noting that financial literacy involves mindset, skills, and planning for financial breakthroughs. Professor Joseph Mbawuni, Associate Professor of Finance and Banking, cited statistics revealing that 67 percent of university students are financially illiterate. This lack of financial literacy is linked to the difficulty graduates face in establishing successful businesses, contributing to high unemployment rates among graduates.
Mr. Evans Amo Twumasi, Municipal Chief Executive for Sekyere South and guest of honor, underscored the significance of financial literacy as a foundational element in nation-building. He emphasized the need for tertiary students to develop the right mindset, habits, and attitudes towards managing financial resources to support future business success.
