Financial markets are not for the ignorant - Prof. Bokpin calls for minimum financial literacy

Professor Godfred Alufar Bokpin called for financial literacy to become a core part of Ghana's education system on Wednesday, speaking at the JoyNews-Hubtel dialogue on fraud's impact on Ghana's digital economy. He argued that people should meet a minimum knowledge standard before participating in financial markets, stating, "The traditional Western idea of the 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."

Prof. Bokpin said protecting people from financial fraud requires a coordinated national strategy rather than occasional awareness campaigns. He argued that financial education should begin at the earliest stages of schooling and continue throughout life as digital financial services become increasingly common. According to him, Ghana's current approach is too reactive, with institutions often responding only after problems emerge. Prof. Bokpin also stated that financial knowledge should now be treated with the same urgency as digital skills, warning that the modern economy demands competence in both.