The Bank of Ghana (BoG) is advising depositors to keep their savings in a viable BoG licensed financial institution, such as a bank, rural bank, savings and loans company, or a microfinance institution.

It also urged those who save with susu collectors to ensure that they are accredited agents of a licensed financial institution, duly registered and legally licensed by the BoG to engage in the business of susu collection.

In a notice on financial literacy on savings, the Central Bank urged all and sundry to cultivate the habit of saving regularly, irrespective of the level of their income, adding, there is no age restriction on when they can start saving.

“Cultivate the habit of savings early and save regularly to accumulate capital over time for future investments or use. Start saving now to reduce future financial stress”, it pointed out.

It continued that accumulating sufficient savings over time helps one to deal with life’s uncertainties if they occur.

“Savings serve as a financial lifeline for you, so you must protect your savings from theft, fire and natural disasters by keeping the money with BoG licensed and viable financial institutions”, it noted.

“Remember to stay in constant touch with your financial institution or susu collector. To avoid fraud or mistakes, closely monitor and track your savings and electronic wallets (mobile money accounts), and ensure that you receive acknowledgement of deposits either through SMS, deposit slips, email or recorded in your passbook”, it alluded.  

It concluded by urging all to engage their financial services provider to get more information about savings options.