Plans are far advanced for the Bank of Ghana (BoG) to introduce electronic accounts for individuals interested in the purchase of shares. According to the bank, there will be no more issuance of physical certificate for the purchase of shares when the electronic system is introduced. Mr. Franklin Belnye, Assistant Director of Banking Supervision of the BoG, made this disclosure at this year's Financial Literacy Week held in Kumasi under the theme "Financial Literacy, Knowledge is Money." It was organised by the Ministry of Finance and Economic Planning in collaboration with stakeholders including the National Insurance Commission and Credit Union Associations. Participants from the small scale enterprises, mainly tailors, seamstresses and hairdressers, were taken through how to acquire loans, the rudiments of investment among others. Mr. Belnye stressed the importance of honesty on the part of individuals to enable them transact effective business with the banks. He pointed out that the ability to have access to loans from financial institutions bordered on one's honesty to pay back the loans. Mr Belnye said the BoG was discussing the possibility of increasing the savings and loans companies' assets from GH¢ 1.5 million to between GH¢4 million and GH¢7 million. He urged the participants to form cooperatives to enhance their chances of loan acquisition. Mr Stephen Kwasi Kyeremateng of the SIC Life Company Limited, spoke on insurance and noted that majority of Ghanaians had little knowledge about it. He observed that few people were even aware that the National Insurance Commission (NIC) has a specia1 fund for accident victims of vehicles which had not been insured. Mr. Kyeremateng said it, however, behoved on the NIC to create awareness about the importance of insurance which has many forms, such as life, property and fire. He urged the public to report any insurance company which is not living up to expectation to the NIC to ensure that the right thing was done. On his part, Mr Samuel Abu-Bonsrah, Chief Economist, Ministry of Finance and Economic Planning, stressed on the importance of savings which, he said, could go a long way in enhancing one's financial status. Source: The Ghanaian Times