The University of Ghana’s Department of Social Work has organized a seminar to educate several social work practitioners in various communities and districts to educate them on financial capability and asset building (FCAB)
The seminar, which was held on the 14th of September 2023, was mainly organized to promote and discuss the incorporation of financial matters in the proceedings of the practice of social work.
The incorporation of financial capability and asset building FCAB in social work field was said to be aimed at training social workers to educate clients from vulnerable populations on making sound financial decisions.
“…it is generally involved with helping individuals acquire the knowledge and skills required to make sound financial decisions for themselves and their families. As social work practitioners who work with vulnerable populations, it is important that we are equipped with the knowledge and skills to build the capacity of our low-income clients to fully understand and navigate the increasingly complex financial sector and the choices of products and services available.”
The Dean of the School of Social Sciences at the University of Ghana, Professor Mavis Darko-Gyeke, who was present at the seminar spoke in an exclusive interview with Univers News on the sidelines of the seminar about some avenues that individuals can explore in investment for financial security and stability.
“ [One] should have the [habit] of saving and investing. [One] should also be literate in terms of the financial areas, and the instruments that are out there that money can be invested in. [One] can also own a hub ownership. We talked about owning that and we also talked about being an entrepreneur.”
She further demonstrated some practical ways that vulnerable people who are low-income earners can rely on to sustain their lives.
“So even if you have 20 cedis and you think you can invest in pure water business, what is important is to make sure that when you sell; at least, there’s a margin of profits. At the end of the day, at least you should get something. With time, you build the income, you get more money,” she explained.
She advised individuals who may be hesitant to invest their monies or deposit at banks as a result of lack of knowledge in the field of investment to take up the concept of financial capability and asset building (FCAB).
“That is why FCAB even have to come in investments because of financial scam which has become very dangerous and very risky. The ordinary person who does not have knowledge of financial capability and asset building is likely to become prey to those people who would take advantage of them.”
The department looks forward towards going through the right processes to get FCAB as an independent and established course in Social Work by May 2024. The course would equip students with financial literacy and enable them to financially guide clients who reach out to them.
Story by: Esther Esenam Ofori | univers.ug.edu.gh