By Frank Kwame Abbor
Ho, July 18, GNA – The Securities and Exchange Commission (SEC) has boosted its nationwide financial education initiative with a significant outreach effort in Ho, focusing on teaching students about responsible financial behaviors, secure investment methods, and ways to stay away from fraud.
The gathering, referred to as "Time with SEC," united students from nine senior high schools such as Mawuli School, Ola Girls SHS, Awudome SHS, Kpando SHS, Vakpo SHS, Vakpo SECTECH, Sonrise SHS, Anfoega SHS, Bishop Herman College, and Mawuko Girls SHS, with the theme: "Grasping the Function of the SEC in Ghana's Financial Market."
Dr. James Klutse Avedzi, the CEO of SEC, urged students to start their financial journey at an early stage.
"At 15 or 18, you might believe saving isn't important for you, but this is the ideal moment to begin. Small amounts saved can develop into significant goals, such as launching a business or purchasing a house," he mentioned.
He emphasized the importance of students acting as "financial advocates" within their families, encouraging them to "Educate their parents and brothers and sisters on how to steer clear of fraud and make wise financial decisions."
He also compared the SEC to a "financial superhero" dedicated to safeguarding investments and promoting equitable market practices.
Dr. Avedzi cautioned against 'Ponzi' schemes, advising students to be wary of enticing offers of significant profits. "If someone guarantees exceptionally high returns without any risk, that's a warning sign," he warned.
During the event, attendees were provided with practical instruction on budgeting, saving, and investment options including mutual funds, fixed deposits, and government bonds.
Dr. Jacob Adu, the Department Head for Issuers at SEC, encouraged students to "purchase wisely, incorporate savings into your monthly budgets, and steer clear of debt by borrowing with responsibility."
Mr. Callis Nii Oman Badoo, the Head of Legal & Enforcement at the SEC, explained the enforcement mechanisms employed by the Commission to oversee and ensure integrity within Ghana's financial market. These tools consist of suspending or revoking licenses, issuing freezing orders, sending cease and desist letters, disqualifying individuals, imposing administrative fines, and applying criminal penalties like fines and jail time.
Dr. Godwin Ansah, the Head of Communications and External Affairs at SEC, emphasized the Commission's strategy of using multiple platforms in its public awareness initiatives.
"We are utilizing conventional media, online platforms, and school outreach programs to inform the public. We have provided updated lists of authorized organizations on our website for easy verification," he stated.
He also mentioned that the SEC implemented a color-coded system on its website to notify the public regarding entities facing regulatory problems. "If a scheme seems too good to be true, it probably is," he repeated.
Mrs. Mariam Jemima Adzroe, the Deputy Director of Education in the Volta Region, commended SEC for closing the gap between theoretical and practical education.
"This is an essential step. Your arrival here demonstrates a solid dedication to the growth of young people across the country," she said.
Citing Confucius, Mrs. Adzroe stated, "Knowledge without application is pointless, and action without understanding is perilous."
She urged students to gain knowledge and share it with their families too.
Master Jacob Aboagye, a learner at Vakpo Technical SHS, thanked and recommended regularity. “I hope SEC can hold this initiative every three months to prevent young people from falling victim to fraud,” he mentioned.
The outreach ended with a renewed pledge from the SEC to maintain its countrywide initiative aimed at enhancing financial knowledge and education, especially for Ghana's young people and those in the informal workforce.
As part of this initiative, the SEC continues to focus on safeguarding Ghanaian investors by means of education, regulation, and enforcement, aiming to maintain a secure and open financial market.
GNA
Edited by: Maxwell Awumah/Christian Akorlie
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