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Participants in the event
The 10th Microfinance Conference of the University of Cape Coast (UCC) opened yesterday with a call to financial and educational institutions to educate the public about financial literacy in order to prevent it from becoming the prey to Ponzi schemes and suffer huge financial losses.
Central Regional Minister Kwamena Duncan, who launched the appeal, stressed the need for the public to be well educated before making financial decisions.
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The two-day conference on "Microfinance and Sustainable Development Goals" was organized by the UCC Faculty of Social Sciences and the School of Economics with the support of the Bank of Ghana.
Researchers, clients and practitioners from the microfinance sector attended the meeting.
Mr Duncan called for programs to help develop the microeconomic sector because it is driving the existence of many citizens.
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Micro-economic sector
In a speech read on his behalf, Finance Minister Ken Ofori-Atta said that microfinance organizations were critical to achieving Goal 1 of the SDGs, which is to eradicate poverty under all conditions. its forms.
He said that since the launch of the SDGs in Ghana in 2016, most policy development functions have focused on microfinance institutions, their activities being directly related to development and poverty reduction.
"This is because microfinance institutions have been the source of capital support and drivers of sustainable development in Ghana's micro-economy sector," he said.
Commitment
Ofori-Atta said the Ministry of Finance is committed to improving the microfinance sector by examining vulnerabilities in the financial structure and determining what needs to be done to address it in order to effectively promote trust and confidence. maintain the credibility of the financial sector.
Poverty reduction effect
Professor Francis Eric Amanquandoh, a professor at the College of Studies on the Humanities and Law at the UCC, said that research has shown that a quarter of the population was badociated with microfinance and that it was therefore necessary to give him the necessary attention and support.
According to him, microfinance had been identified as having a poverty reduction effect if it was well managed and administered, adding that it made microfinance relevant in the global development agenda.
Professor Samuel Annim, Chair of the Microfinance Committee, said recent events in the financial sector required detailed questioning of the microfinance sector, its role in poverty reduction and the achievement of the Sustainable Development Goals.
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