How Accra Parents Can Teach Kids About Money: ASJ Practical Guide

An Accra Street Journal Family Finance Guide

Executive Introduction

In Ghana, children who observe their parents saving regularly have a 40 per cent chance of becoming habitual savers in adulthood . Yet financial literacy remains low across the population, and many young adults enter the world without the skills to budget, save, or avoid debt.

The good news is that change is happening. The Ministry of Education has announced that financial literacy, ethical integrity, and Artificial Intelligence learning will be introduced in the new basic school curriculum . The Cha-Ching programme, funded by Prudence Foundation and implemented by Junior Achievement (JA) Ghana, has reached more than 36,000 students, 926 educators, and over 445 schools nationwide since 2016 . And the Bank of Ghana is actively engaging pupils in currency education through its Cedi@60 celebrations .

This ASJ guide provides a practical, Ghanaian-focused framework for parents to teach their children about money—from the “susu” box to opening their first bank account.

Part 1: Start Early and Start Simple

“Once your child can count, introduce them to money” . Show them Ghana Cedis and coins and teach them the value of each one. Play money games with them—Monopoly is an old favourite that teaches handling money and the basics of investment . You can also set up a pretend shop, where children “buy” and “sell” items, learning to count change and make decisions.

Use the Three Jars Method

A great way to teach basic budgeting is to use three separate jars or envelopes. Whenever your child receives money, guide them to divide it among three categories :

Part 2: Talk About Money Openly

In many Ghanaian homes, parents may not want to chat about family finances in front of their children, but in order to nurture a child who’ll be in good financial shape as an adult, it is worth starting the conversation early .

What to discuss:

• Routine purchases like food, school fees, transport, and holidays

• The difference between needs (food, water, shelter) and wants (holidays, technology, designer clothes)

• Why you prioritise certain purchases over others

When shopping, let them see you pay with cash. Cash is a tangible thing—once it’s used, it’s gone. Kids need to learn that, rather than seeing money as “magically” disappearing from a card .

Part 3: Connect Work to Money

When your child sets their heart on anything from a book to a bike, instead of reaching for your credit card, encourage them to earn the money themselves .

Age-appropriate chores:

The benefit of this is to give them the responsibility and self-satisfaction of earning their own money and saving from a young age .

Part 4: Introduce Formal Savings

The SEC’s CEO, Dr James Klutse Avedzi, encourages students: “At age 15 or 18, you may think saving isn’t relevant to you, but now is the best time to start. Even small savings can grow into big dreams” .

Consider a Children’s Savings Account

Fidelity Bank’s Bright Kids Account allows parents to save intentionally for a child’s future while earning competitive interest (up to 5% p.a. on the account balance) . Key features include:

• Minimum opening balance: GHS 50

• No monthly account maintenance

• Free access to mobile app and WhatsApp banking

• Ability to pay school fees directly from the account

The account is designed to teach children the value of saving while building a financial foundation .

Part 5: Make Financial Education Fun

The Cha-Ching Programme

JA Ghana and Prudential Life Insurance are championing the Cha-Ching programme, which teaches children aged 9 to 12 the four pillars of financial literacy: Earn, Save, Spend, and Donate .

Since 2016, the programme has reached more than 36,000 students, 926 educators in over 445 schools nationwide .

A major innovation: The launch of the Cha-Ching WhatsApp Chatbot is designed to extend financial literacy learning beyond the classroom, enabling all children across Ghana to access money management lessons outside school .

Bank of Ghana’s Cedi@60 Programme

The Bank of Ghana regularly hosts pupils for interactive sessions on the history of the Cedi, security features of Ghana’s currency, and money management . Fun games, quizzes, and educational exercises make financial education relatable and enjoyable for young learners .

SEC’s “Time with SEC” Programme

The Securities and Exchange Commission has intensified its national financial literacy campaign with outreach programmes targeting senior high school students, where they receive hands-on training in budgeting, savings, and investment tools such as mutual funds, fixed deposits, and government bonds .

Part 6: Understand the Barriers—And Overcome Them

A study of adolescent girls and their caregivers in Ghana found that most families did not have bank accounts due to lack of knowledge, limited literacy, and the belief that banks were for “rich” people . Formal financial institutions can feel intimidating, especially in rural or low-income communities.

What parents can do:

1. Lead by example: Let children see you saving and budgeting.

2. Share your knowledge: Explain what a bank account is and why it matters.

3. Start with informal savings: For younger children, a piggy bank or “susubox” is a great first step.

4. Use the Cha-Ching Chatbot: It is accessible and free .

Conclusion: The “Susu” to Savings Pipeline

Children who grow up in Ghana observe mothers putting money into daily susu collections and fathers discussing budgets. These experiences create mental blueprints that inform how they will spend their lives financially .

As JA Ghana’s Executive Director, Edem Amesu, put it: “Financial literacy is not just about figures. It’s about preparing young people to make thoughtful decisions that strengthen families, communities, and ultimately, Ghana’s development” .

Start small. Start early. Start now.

Quick Reference: Teaching Kids About Money

Last Updated on July 2, 2026 by Samuel Kwame Boadu

Samuel Kwame Boadu

Samuel Kwame Boadu is a Ghanaian media entrepreneur and storyteller with a passion for amplifying urban voices and uncovering everyday truths. He is the Editor-in-Chief and Founder of Accra Street Journal, a dynamic digital platform dedicated to capturing the pulse of Ghana’s capital—its people, culture, challenges, business, sports and innovations.

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