Economist Professor Godfred Alufar Bokpin has called for financial literacy to be embedded in Ghana’s education system from kindergarten.

He warned that the country is responding to financial fraud far too late instead of preparing citizens from an early age.

Speaking at the JoyNews-Hubtel Dialogue on the impact of fraud on Ghana’s digital economy on Wednesday, Prof. Bokpin argued that financial education should become a continuous national programme rather than a series of isolated campaigns organised after problems emerge.

He noted that participation in financial markets has always been based on the assumption that people possess a minimum level of financial knowledge.

“The traditional Western idea of a 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.”

Prof. Bokpin said Ghana must move away from reacting to emerging challenges and instead adopt a coordinated approach that equips citizens with financial knowledge from childhood.

“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.”

He argued that financial literacy has become even more important in the digital age, where technology increasingly determines access to jobs and economic opportunities.

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

According to him, awareness campaigns organised by regulators are useful but remain fragmented. He said institutions should work together to deliver consistent messages that reinforce one another.

“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.”

He also called for educational materials that answer common concerns raised by the public.

“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 rethink how they communicate with the public, saying digital platforms now offer the most effective way of reaching people.

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

While face-to-face engagement remains important, he said communication strategies must reflect changing public behaviour.

“So 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.”