Why Children Need Early Financial Education in Ghana: ASJ Intelligence Brief

An Accra Street Journal Family Finance Guide

Executive Introduction

Financial literacy is not an innate skill; it is a learned behaviour, shaped by observation, experience, and education during childhood. In Ghana, where the informal economy is large and access to formal financial services is expanding, early financial education is especially crucial. Children who grow up watching parents budget for school fees or manage daily trading understand concepts of cash flow and scarcity firsthand.

The evidence is clear: children who observe their parents saving regularly have a 40 per cent chance of becoming habitual savers in adulthood . Yet fewer than 30 per cent of Ghanaian youth can correctly answer basic financial literacy questions . The gap between exposure and understanding is significant—and it is a gap that parents, educators, and policymakers are increasingly working to close.

Part 1: The Ghanaian Context — Why Early Financial Education Matters

The Susu Foundation

In Ghana, financial socialisation begins early, often through the informal savings system known as susu. This traditional practice is more than saving; it introduces discipline, goal setting, and collective financial responsibility .

Akosua, a Kumasi seamstress who joined her first susu group at age 16, is now running three prosperous tailoring shops. Susu taught me how to be patient and how to plan,” she says . Her experience illustrates how early exposure to saving habits can create lasting financial resilience.

The Digital Shift

The mobile money revolution in Ghana is changing how people save, but this is only possible because of socialised financial behaviours. Children who grow up in households that encourage saving find it easier to adopt new financial tools like mobile banking . Conversely, those who are financially unsocialised struggle to control impulses in online settings .

The Cost of Financial Illiteracy

Without early financial education, children grow into adults who cannot budget, save, or invest effectively. In 2024, the Cyber Security Authority recorded 149 online investment fraud cases, with losses totalling GH¢1.99 million . Many of these victims were young adults who had never been taught to recognise the warning signs of a Ponzi scheme.

The Securities and Exchange Commission (SEC) has identified financial illiteracy as a contributing factor to investment fraud. Dr. James Klutse Avedzi, CEO of the SEC, warned students: “If someone promises unusually high returns with no risk, that’s a red flag” . This is knowledge that should be taught in childhood, not learned through painful experience.

Part 2: The Policy Response — What Ghana Is Doing

Financial Literacy in the New School Curriculum

In December 2025, Education Minister Haruna Iddrisu announced that financial literacy, ethical integrity, and Artificial Intelligence learning will be introduced in the new curriculum for Ghanaian basic schools .

Ghanaian students must begin acquiring financial literacy skills to be able to do basic business transactions,” the minister explained . The move is part of a broader effort to prepare Ghanaian children for the changing future, equipping them with skills to navigate a digital economy.

The University of Ghana Business School has been actively engaging the National Council for Curriculum & Assessment (NaCCA) to integrate financial literacy into the revised Basic School curricula. Dr. Benjamin Amoah, who led the advocacy, emphasised the importance of providing financial literacy among young adults through early education .

The Cha-Ching Programme

One of the most significant initiatives is the Cha-Ching programme, funded by Prudence Foundation and implemented by Junior Achievement (JA) Ghana. Since 2016, the programme has reached more than 36,000 students, 926 educators, and over 445 schools nationwide .

The programme teaches children aged 9 to 12 the four pillars of financial literacy:

• Earn

• Save

• Spend

• Donate

In March 2025, 81 teachers from the Northern Region gathered for a Cha-Ching training session, representing a wide range of schools and communities. The training unpacked child-centred, interactive teaching strategies including role-playing, group work, storytelling, and creative assessments .

In September 2025, JA Ghana and Prudential Life Insurance hosted the maiden Financial Literacy Forum, launching a Cha-Ching WhatsApp Chatbot designed to extend financial literacy learning beyond the classroom . The chatbot enables all children across Ghana to access money management lessons outside school.

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. In July 2025, the SEC hosted a programme in Ho, bringing together students from nine senior high schools under the theme “Understanding the Role of the SEC in the Ghanaian Capital Market” <span class=””>.

Students received hands-on training in budgeting, savings, and investment tools such as mutual funds, fixed deposits, and government bonds. Dr. Jacob Adu, Head of Department for Issuers at SEC, advised students to “shop smart, include savings in your monthly budgets, and avoid debt by borrowing responsibly” .

Bank of Ghana’s Cedi@60 Education

In October 2025, the Bank of Ghana hosted over 250 pupils from five basic schools as part of its Cedi@60 celebrations. Officials took the pupils through an interactive session on the history and evolution of the Cedi, security features of Ghana’s currency, and money management and saving culture .

Governor Dr. Johnson Asiama noted that instilling these values in children helps build a generation of financially aware citizens who appreciate the importance of the Cedi as a symbol of Ghana’s independence and economic stability .

Stanbic Bank’s Youth Financial Literacy Initiatives

Stanbic Bank Ghana’s Affluent Banking Team has been actively involved in youth financial literacy through forums at basic schools. In a recent session at Mobole D/A Basic School, students were introduced to the 60-30-10 budgeting rule: spending 60 per cent, saving 30 per cent, and giving 10 per cent to others .

The bank’s Manager of Client Experience, Christiana Asafo-Adjei, highlighted the need to introduce financial literacy to children early: “Financial education shouldn’t wait until adulthood. Children can begin their financial journey with guidance and discipline, securing their future from an early age” .

Part 3: Practical Steps for Parents — How to Raise Money-Savvy Kids

1. Start with a “Susu” Box or Piggy Bank

The traditional piggy bank or a simple “susu” box is the perfect starting point. It provides a tangible and visual way for young children to see their money accumulate. This simple act of physically putting coins and notes aside introduces the foundational habit of setting money apart for the future .

2. Open a Children’s Savings Account

Once they grasp the basics, opening a children’s savings account is the next logical step. This teaches them that banks are safe places to keep money and introduces them to the concept of interest. Explain that when they deposit money, the bank pays them a little extra for keeping it there .

3. Use the Three Jars Method: Save, Spend, Share

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 :

• Spending: For small, immediate purchases.

• Saving: For their long-term goals.

• Sharing: To donate or help others, teaching them about social responsibility.

4. Introduce “Wants” vs. “Needs”

Use everyday examples: “We need to buy food for dinner, but we want to buy a new video game.” This helps children understand why all money can’t be spent immediately and reinforces the logic behind saving for bigger wants while covering essential needs .

5. Explain the Magic of “Money Making Money”

For slightly older children, introduce the powerful concept of compound interest. Explain it as a “snowball effect” where the interest their savings earn starts to earn its own interest .

6. Lead by Example

Children are keen observers and often mimic their parents’ habits. Let them see you saving. Talk openly about saving for family goals. When children see saving as a normal and positive part of everyday life, they are more likely to adopt the habit themselves .

Part 4: The Long-Term Impact

From Financial Socialisation to Economic Transformation

The future of Ghana’s finances depends on how financial socialisation is enhanced among communities. Research from KNUST confirms that childhood behavioural patterns determine how effectively Ghanaians adopt new financial tools .

Children who receive early financial education are more likely to save, invest, and avoid high-interest debt as adults. They understand the value of delayed gratification . This fosters financial confidence that protects against predatory lending and encourages generational wealth building.

The final word from JA Ghana’s Executive Director, Edem Amesu: “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” .

Quick Reference: Children’s Financial Education Checklist

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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