The German Sparkassenstiftung Western Africa (DSIK) has organised free training on financial independence for Senior High Schools (SHS) in Winneba to mark this year’s World Savings Day.

The training is part of its ongoing mission to foster financial literacy among youth.

This is in partnership with the University of Education-Winneba (UEW) Co-operative Credit Union (UEWCCU), Winneba Workers Credit Union (WWCCU), Awutu-Effutu-Senya Teachers’ Co-operative Credit Union Limited (AES Credit Union), and the Ghana Cooperative Credit Unions Association (CUA).

This year’s World Savings Day, marked under the theme "Secure Your Tomorrow with Savings," emphasised the transformative power of savings in promoting financial independence and poverty reduction.

Held on the campus of UEW, this event brought together students from five high schools in the region—Potsin T.I. Ahmadiyya SHS, Apam SHS, Uncle Rich SHS, A.M.E. Zion SHS, and Winneba SHS.

The event included talks, inspiring personal stories, and interactive sessions focused on encouraging students to adopt a lifelong habit of saving. 

Speaking at the event, Country Representative of DSIK Western Africa, Peter Schussler, said the introduction of savings clubs among senior high schools in Ghana can play a critical role in cultivating a savings culture among students.

"Saving clubs in schools are an essential starting point," he said.

"They don’t only provide students with a practical avenue to develop financial literacy but also instil the importance of long-term financial planning.

"Through our partnerships with local credit unions, we are creating a foundation for young Ghanaians to secure their futures," he said.

Peter Schussler further noted that students at the event will receive seed funds deposited into credit union accounts. These funds, he stressed, are designed as a starting point to empower students to save while encouraging thoughtful financial decision-making as they return to school.

Earlier, a representative from the German Embassy, Alexander Schramm, underscored the importance of saving from an early age.

"Saving is a safeguard for life’s unexpected moments—whether it’s a medical emergency or the need to make a significant investment. Establishing a savings habit early allows individuals to build a secure financial future," he said.

Schramm further advised students on the importance of having a financial plan, noting that a consistent approach makes saving easier.

For his part, the Chair of CUA and Vice-Chair of ACCOSCA, Dr B.B. Bingab, addressed the financial challenges facing young people, pointing to economic instability and trust as significant barriers to a savings culture.

"For many families, a fluctuating economy and lack of trust in financial institutions discourage savings.

"However, we aim to build that trust through our collaboration with credit unions, fostering a supportive environment for financial inclusion."

The event also featured real-life testimonials, with speakers sharing stories of personal financial achievements through disciplined saving.

These testimonies served as a powerful reminder that with perseverance and financial responsibility, even modest savings can lead to significant accomplishments.

About German Sparkassenstiftung Western Africa

German Sparkassenstiftung for International Cooperation (DSIK) is a member of the Sparkassen-Finanzgruppe (Sparkassen Finance Group) in Germany.

Over the last 200 years, German Sparkassen have developed into one of the largest financial groups worldwide, successfully combining a high degree of professionalism with a strong social mandate. 

DSIK was founded in 1992 by the Sparkassen-Finanzgruppe to become a development-policy arm of the Sparkassen-Finanzgruppe in Germany thus extending the social mandate of the Sparkassen to developing countries and emerging economies too. 

In West Africa, German Sparkassenstiftung Western Africa’s project activities focus on achieving the sustainable transformation of the financial sector by strengthening the credit union sector and promoting equal representation of women and youth in Ghana, The Gambia and Sierra Leone.