University students urged to equip themselves with financial knowledge to help grow sustainable businesses

University students have been urged to equip themselves with knowledge and skills in finance to help them build, grow and sustain their businesses in future.

Professor Fredrick Kwaku Sarfo, Vice Chancellor of the Akenten Appiah-Menka University of Skills Training and Entrepreneurial Development (AAMUSTED), who made the call, said financial literacy was critical in building a successful enterprise.

He said as students, who were being trained in practical employable skills and entrepreneurial development, it was imperative for them to be resourced with skills and knowledge in finance and money management to enable them grow successful businesses in the future.

Professor Sarfo made the call in an address read for him at a financial literacy summit, organized by the Students Representative Council (SRC) of AAMUSTED for the students of the university in Kumasi.

It was on the theme: “financial fitness: building wealth and securing your future”.

It aimed at building the knowledge of the students on how to save, invest and manage their finances to enable them accumulate capital to build and grow their businesses in the future.

Professor Sarfo said the summit was in line with the university’s vision of equipping students with entrepreneurial skills to build their future and called on the students to make good use of the knowledge they would receive from the experts to equip themselves well for their future.

Mrs Janet Acheampong Otoo, Financial Analyst and Acting University Treasurer of AMMUSTED, who spoke on how women could manage their finances,  said it was important to educate women on how to manage their finances to enable them build not only successful businesses, but also to be financially independent.

She said women were now rising up to take leadership positions in businesses and organizations, and urged the female students to equip themselves well in finance to enable them manage their businesses and homes.

Dr Prince Gyimah, a Lecturer at AAMUSTED, said having strategies for the future was vital in building successful business, adding that, financial literacy was about having a mindset, skills and planning to get financial breakthrough.

Professor Joseph Mbawuni, Associate Professor of Finance and Banking at the university, said statistics indicated that 67 per cent of university students were financially illiterate.

This, according to him, had contributed to the inability of most graduates to establish, develop and grow successful businesses and thereby resulting in high graduate unemployment rates in the country.

Mr Evans Amo Twumasi, Municipal Chief Executive for Sekyere South, who was the guest of honour, pointed out that financial literacy was one of the basic foundations of building a nation.

It was important for tertiary students to have the right mindset, habits and attitudes on how to manage financial resources to help build a successful businesses in the future.

Source: GNA