Student Community Outreach
Prince Asamoah Owusu
First Community Service
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Local small-scale businesses face a lot of challenges. Some of which is the inability to acquire enough funds to expand and grow their businesses. This burden has been laid on my heart for a long time and as such I decided to embark on this journey.
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My community service has become a community project. I have decided to build a tailored bookkeeping system for illiterate business people in rural Ghana so they can use the system to solicit funds to support their businesses.
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This project is a three-stage process:
1) The first stage is to collect and analyze data on the preferences of the end users.
2) The second stage is to build a tailor-made easy-to-use bookkeeping system.
3) The final stage is to implement the system.
I am currently in the first stage of getting important information about the end users to facilitate the effective construction of the bookkeeping system.
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I began this process on the 29th of August, 2023. As part of getting the necessary data, I also use that opportunity to educate our local business people about the need to;
A. have an effective bookkeeping system,
B. set aside portions of their earnings as emergency funds,
C. allocate portions of their earnings to improve their businesses,
D. Be strategic about the days to sell their products,
E. investigate Microfinance institutions that offer financial support to local entrepreneurs and,
F. Stay informed about government initiatives to support rural entrepreneurs.
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My journey is tailored to farming, market businesses, technical and vocational shops, small business units, and artisan shops. I began with market business today and I will continue with the rest till I have comprehensive data to help me build a tailored bookkeeping system for the local businesses.
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I would like to urge all JEQ beneficiaries who want to embark on this journey with me to contact me. I am also willing to share more details about this project with you.
Second Community Service On Financial Literacy Education for Students:
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On the 1st of September 2023, I embarked on a Financial Literacy Education Tour to two private and public schools in my community as part of my service to the community. The Financial Literacy Education Tour was an unequivocal success, leaving an indelible mark on students from the two schools in my community. This report encapsulates the key takeaways from the educational tour, emphasizing that financial literacy is not confined to the realm of finance professionals but is indispensable for all individuals. It elucidates how personal financial decisions influence the broader economy, highlighting the importance of cultivating a culture of investment and financial prudence. Additionally, it underscores the necessity for everyone to grasp the fundamentals of finance and the role of institutions like the central bank.
Key Insights
1) Financial Literacy for All:
The program aimed to dispel the misconception that financial literacy is solely for those pursuing careers in finance. Participants learned that decisions made by entities like the central bank impact everyone, making financial literacy a universal need.
2) Investment Oversight and Habit:
An emphasis was placed on the pivotal role that individuals play in economic development. Students were encouraged to develop a habit of investment oversight, as a thriving economy requires active and informed participants.
3) Staying Informed:
Students were advised to stay updated on current financial affairs and beyond. Being well-informed enables individuals to make sound financial decisions and adapt to changing economic circumstances.
4) Empowering Families:
A unique aspect of the tour was its encouragement for students to share their newfound knowledge with their parents and relatives. Many parents are involved in small-scale businesses, and equipping them with financial management skills can significantly impact the success of these ventures.
5) The Central Bank’s Far-Reaching Influence:
Understanding the central bank’s functions and its implications for personal finances is akin to unlocking a hidden superpower. It empowers individuals to make informed decisions regarding savings, investments, and even everyday spending. By comprehending how central bank actions impact interest rates, job opportunities, and inflation, individuals can navigate these economic currents with greater confidence.
6) Preventing Exclusion:
Moreover, an essential aspect of financial literacy education is to prevent individuals from being left out of vital financial conversations. Those who lack financial knowledge may find themselves at a disadvantage, especially when it comes to accessing financial services, securing loans, or participating in investment opportunities. Informed individuals are better equipped to advocate for their financial interests and make the most of available opportunities.
Conclusion
The Financial Literacy Educational Tour successfully imparted essential financial knowledge to students, breaking down complex concepts into easily digestible information. This initiative is a significant step towards creating a financially empowered generation that will contribute to the prosperity of our economy and society as a whole. By understanding the central role of financial literacy and the impact of institutions like the central bank, students are better prepared to make informed financial decisions, ensuring that no one is left in the shadows when it comes to financial well-being. Additionally, I presented gifts to some students who were able to answer questions in our everyday financial life.
Below are some pictures I took with the students.
