The Ministry of Finance has called on financial sector players across the country to participate highly in the upcoming fourth Banking, Insurance, Pensions and Securities (BIPS) Fair, which is scheduled for October 11 to 13, 2023.
While emphasizing the importance of the high spirited fair, the Ministry, in a news brief endorsing the Fair, stated that it complemented nation-wide financial literacy campaigns and consistent with the government’s financial inclusion development agenda.
According to the ministry, such efforts reduced economic vulnerability, income inequality, and improved financial sector soundness. “The Ministry of Finance is, therefore, pleased to endorse this event and encourages the participation and support of financial sector regulators,” the ministry said in the brief.
This year’s edition of the Fair is on the theme: “Making prudent financial decisions in times of adversities”.
It is to promote financial literacy, stakeholder engagement and the showcasing of relevant financial products to the public.
Activities for the event include a two-day seminar at the main auditorium of the University of Ghana Business School (UGBS) on October 11 and October 12, 2023. The same will concurrently take place at the University of Ghana Business School (UGBS) and Accra City campus from October 11 to October 13, 2023.
There would also be a Gala and Recognition night at the Vice-Chancellor’s office on October 20.
Weeks ago, Mr Samuel Ogyiri Sackey, Managing Director of Kotlers Management Services – organisers of the event, said the current financial and economic challenges in the country informed the theme for the Fair. “We believe that financial literacy and exposition should be continuous to attain the needed result,” Mr Sackey said.
Conscious Effort to Re-Build Confidence and Trust of Ghanaians In The Financial Market
Mr Sackey called for conscious effort to educate and re-build confidence and trust of Ghanaians in the financial market, something that the Fair sought to do.
“I must reiterate that the fair will parade financial institutions in good standing with their respective regulators, thus, customers can be rest assured of transacting business with the right institutions. The main objective of the fair is to Educate and sensitize the Ghanaian public on financial products and create an enabling environment to showcase and sell financial product to the public. It is important for the populace to have a clear understanding of financial products and services on the market before patronizing these products.
“Chairman, this year’s fair will be very spectacular in the sense that, the fair will be held at two locations at the same time. The locations are University of Ghana Business School (The Graduate School situated at UPSA junction) and the Accra City Hall- AMA. The fair is hoping to attract over 50,000 physical visitors to both sites, and over 100,000 online visitors.”
Mr Samuel Ogyiri Sackey
Mr Michael Andoh, Acting Commissioner of Insurance at the National Insurance Commission (NIC), commended the organisers for the initiative, and urged regulatory agencies to participate in the Fair.
Meanwhile, important issues concerning both the economy and the financial sector will be discussed extensively by key speakers at the event. One of the key topics of interest will be how the financial crisis emanating from the Domestic Debt Exchange Programme (DDEP) affects the pensions and insurance sectors.
The financial sector which is a strong bedrock for economic growth in Ghana and beyond has in recent times witnessed some turbulence. This has necessitated the need to deepen and further engage the general public on financial literacy and inclusion, especially in light of the fact that about 70 percent of the Ghanaian populace are unfamiliar with financial knowledge.
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