Lecturer at the University of Ghana Business School’s (UGBS) Department of Finance, Dr. Godfred Amewu, emphasized the importance of diversifying personal investments to enhance individual financial planning, particularly for retirement.
Stressing the significance of diversification in minimizing risk, he advised allocating funds across various investment vehicles.
Speaking at a business forum organized by Maxwell Investment Group, Dr. Amewu delivered a speech titled ‘Knowledge Tilt in Financial Literacy and Retirement Planning’. He underscored the role of diversification in mitigating financial risks and highlighted the need for individuals to consider allocating their resources into treasury bills, real estate, equity markets, and even cryptocurrency markets.
“When it comes to personal finance, diversification is key. It has the key role in minimizing your risk so as an individual if you don’t diversify and you put all your money into one particular investment and when the risk strikes you could lose everything. Put some into treasury bills, real estates, equity market and even into crypto currency market.”
Addressing the media after his presentation, Dr. Amewu urged stakeholders, especially the government, to integrate financial literacy and retirement planning into the national curriculum. He emphasized the importance of government involvement in fostering financial education among the youth, suggesting collaboration with academic institutions to introduce relevant courses or incorporate financial literacy components into existing programs.
“Government is the number one stakeholder in human resource development and the youth we all know now most of them are not really interested in financial literacy and retirement planning. Government can engage the academic board and institutions that are into training so that we can factor that into our curriculum and encourage the youth to take courses.”
“If not, we can also within the academia include certain courses that you must take courses that has degree of issues on financial literacy and retirement planning. That will create the awareness and gradually the youth can buy it and it will transcend into greater economic improvement.”
Dr. Amewu further outlined the benefits of investing, emphasizing its role in securing future financial stability and promoting economic independence. He noted that investing in financial instruments not only prepares individuals for potential economic challenges but also contributes to overall well-being and longevity.
The forum, themed ‘The Impact of Financial Literacy in Post-Retirement Financial Security’, aimed to raise awareness and facilitate discussions on financial literacy and retirement planning.
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Story by: Frimpong Collins | univers.ug.edu.gh
