Lancaster University Ghana (LUG), in collaboration with the Association of Chartered Certified Accountants (ACCA) Ghana, has launched a first of its kind Financial Literacy Project (F.L.I.P.).The event took place at the end of January at the university‘s East Legon campus.
The Financial Literacy Project is the result of a Memorandum of Understanding between LUG and ACCA. The main aim of the project is to educate students in second cycle public institutions on the benefits of saving money for both planned and unexpected future use.
In the wake of Ghana‘s current economic crisis, ACCA and LUG see it as their social responsibility to do all they can to avert the severity of another fiscal meltdown on the pockets of future leaders, hence the birth of the Financial Literacy Project.
With the Project‘s target audience being people who are yet to enter the job market, F.L.I.P will educate them in the best ways to utilise and manage money. This should benefit them immensely when they eventually enter the labour market.
Based on the project outline, ACCA will provide all necessary tools and training, while the main execution of the project will be carried out by the student members of Lancaster University Ghana‘s Business Club.
The project in its pilot phase is to commence in the Greater Accra Region and will have LUG‘s Business Club members visiting a variety of public secondary institutions such as Accra Academy and Accra Girls‘ Senior High School, amongst many others.
From the University‘s point of view, F.L.I.P will serve as practical experience for the students who studied Project Management as part of their foundation year. LUG prides itself in being one of the few universities in Ghana that successfully manage to combine theory and practice in their teaching and learning.
Once all selected schools have been visited by the LUG Business Club members, who will use interactive and creative methods of information dissemination to educate students in financial literacy, the project will climax in a light-hearted quiz designed to reward the school that turns out most financially literate.