Economist Professor Godfred Alufar Bokpin has called for financial literacy to become a core part of Ghana’s education system.

He argues that people should meet a minimum knowledge standard before participating in financial markets.

Speaking at the JoyNews-Hubtel dialogue on fraud’s impact on Ghana’s digital economy on Wednesday, Prof. Bokpin said protecting people from financial fraud requires a coordinated national strategy rather than occasional awareness campaigns.

He argued that financial education should begin at the earliest stages of schooling and continue throughout life as digital financial services become increasingly common.

“The traditional Western idea of the financial market is not for ignorant people, so there’s a saying in finance that every financial market participant ought to meet some minimum financial literacy standard. That’s the assumption that we work towards. because it’s not for ignorant people and all of that.”

According to him, Ghana’s current approach is too reactive, with institutions often responding only after problems emerge instead of preparing people before they enter the financial system.

“So the idea is that the issue I see here is that sometimes we see an issue, and then we leverage on that to reach out to the people. But I think we should have an integrated approach, right from kindergarten or so, to give financial literacy.”

Prof. Bokpin said financial knowledge should now be treated with the same urgency as digital skills, warning that the modern economy demands competence in both.

“Because these days we are saying that you can be educated, but if you are digitally illiterate, you will be successfully unemployed.”

He also urged regulators and other stakeholders to work together instead of running separate public education campaigns.

According to him, the fight against financial fraud requires consistent messaging that reinforces key lessons across institutions.

“So if we had that approach, then the idea is that, for instance, occasionally you may see Financial Literacy Week, maybe the regulator announcing and all of that.

"But I think we should coordinate it. We have a common enemy that we have to deal with, and all of that. And the way we dish out the information must be reinforcing, with some frequently asked questions, and all of that.”

Prof. Bokpin further urged institutions to adapt to changing communication habits, saying public education campaigns must increasingly target digital platforms where people spend much of their time.

“And then there was a point that some also made: it’s easier to find people online today than in physical locations. So we should also follow that trend in how we reach people with information.

"It’s good to invest in physical contact and all of that, but sometimes people may be sitting here, and they actually present online. It’s just their body you see physically here.”