At a time when mobile loan apps, digital loans, and online investments are just a click away, it is emerging that a whopping seven out of every ten Ghanaians still lack basic financial knowledge.
This staggering revelation was made by the first Deputy Governor of the Bank of Ghana (BoG), Dr. Zakari Mumuni, adding that the situation is leaving them dangerously exposed to poor financial decisions and predatory schemes.
The first deputy governor made this disclosure at the launch of four new financial literacy books authored by Ghanaian financial expert, Korsi Dzokoto, in Accra on Monday, September 22, 2025.
Dr. Mumuni, in his address, noted that nearly 68% of the Ghanaian society is deemed to be financially illiterate. This means too many of the citizens are vulnerable to poor financial conditions, unsustainable debts, and painful losses that come with unregulated investment schemes.
He said, “Nearly 68% of our society, and indeed Ghana, are deemed to be financially illiterate. This means too many of our citizens are vulnerable to poor financial conditions, unsustainable debts, and painful losses that come with unregulated investment schemes.”
Financial Illiteracy in a Digital World
Dr. Mumuni stressed that financial illiteracy has become a national risk in today’s fast-changing financial landscape, where digital wallets, mobile money fraud, online lending apps, and cryptocurrency scams are thriving.
With the fast-moving technological age, the governor says financial literacy is no longer a luxury.
He added that financial literacy education is imperative to enable Ghanaians to make sound financial decisions that positively impact their lives.
Given this need, the central bank, he explained, has been scaling up efforts in consumer protection, financial inclusion, and public education. From community engagements to training journalists covering monetary policy, BoG is working to make financial concepts less intimidating and more accessible.
“Every Ghanaian, from the market woman to the young graduate entering the labour market, needs financial literacy lessons. This is one area where we have been working very assiduously to get people to speak on financial literacy issues,” he added.
Why the Books Matter
Dr. Mumuni praised the author of the four new books for their clarity and everyday relevance. Written in simple language and packed with practical lessons, the books cover saving and investing, understanding risk and reward, and navigating Ghana’s increasingly digital financial terrain.
“What makes these books so valuable is their accessibility. They are simple, practical, and offer lessons that children, parents, teachers, and everyday citizens can understand and apply,” he said.
For him, the books are more than publications. They are tools of empowerment, adding that may the publications travel far and wide into homes and schools across the country and enlighten Ghanaians on financial literacy.
