Save-A-Cedi-A-Day Challenge, an initiative by the Young Investors Network and UMB Investment Holdings Ltd has over the past year, accumulated more than GH₡ 100,000 in mutual fund accounts.
The initiative, which started with a single person, as at its first anniversary has encouraged more than 1,000 people to save each day of the month.
A first anniversary event was organised by the two partners on Friday, August 20, 2021 at Kinbu Senior High Technical School (KSHS) with more than 80 students in attendance. The partners chose Kinbu SHS as a preferred host for the anniversary due to the commitment and consistency of the students towards the challenge — over 70 students from Kinbu SHS participate in this challenge.
The aim of the anniversary was to encourage the student to continue saving even after they have completed their secondary education because it would make life more secured and comfortable in the future.
A former teacher at Kinbu SHS, Mr. Divine Danny Akortsu urged the students to continue with the investment they had started. Touching on a research he conducted 11 years ago on how much students spend on airtime using schools in the Greater Accra Region as case study, he noted that in 2010 alone, Senior High School students in Greater Accra region spent an estimated amount of GH₵ 2.8 million.
The research showed clearly that young people spend so much money on airtime of which part could be invested for the betterment of their lives and obtain a secured financial future, Mr Akortsu said.
This research shows the gap which exists in financial literacy education among the youth.
The President of Young Investors Network, Mr. Joshua Mensah, commended Kinbu SHS for standing out in the challenge because the best student saver emerged from there.
He told the students to continue with the good habit of saving and continuously invest in the Save-A-Cedi-A-Day challenge even after school, urging others who are yet to participate in the challenge to do so in order to accumulate money and have a secured financial future.
The Partners presented a Certificate of Excellence award to Kinbu SHS for being the most outstanding supportive secondary institution in financial literacy education in Ghana.
Mr. Akortsu received a Citation of Honour to appreciate his support and sacrifices towards promoting financial literacy education amongst high school students. The Partners also conferred the Financial Educator Advocate on Mr Akortsu for his key role in ensuring that most young people took to saving and investment.
The Young Investors Network hopes this challenge goes a long way to help bridge the gap that exists in financial literacy education in Ghana and encourage, promote, and develop the attitude of investment and savings among Ghanaians.