3. 1 PROJECTPURPOSE
Financial literacy is about understanding money and finances and being able to confidently apply
that knowledge to make effective financial decisions. Knowing how to make sound money decisions
is a core skill in today's world, regardless of age. It affects quality of life, opportunities we can
pursue, our sense of security and the overall economic health of our society. The Financial Literacy
Project seeks to educate Ghanaian youth on the gain of saving, budgeting, managing and living a
disciplined financial life.
.
2 PROJECTEXECUTIVESUMMARY
Africa is rising. This is a sentence that is in in circulation. We all say it. Africa is rising. A recent study by
African Renewal showed that 6 out the 10 fastest developing economies are in Africa. Out of the four
factors of production, only one is somewhat understood, land. This translates to 75% ignorance of what
Africa needs to indeed rise. Furthermore, Africa has over 200million youth, 60% of whom are unemployed
and living under $2a day.
In Ghana, it is estimated that 300,000 youth enter the labor market every year with 6000 (2%)being
engaged by the formal sector which leaves 98% in informal sectors or unemployment. The International
Labor Organization estimates that 73.8 million youth will be unemployed by 2017 with Ghana contributing
an estimated 882,000 youth to this figure. It is therefore no surprise that poverty and vices are now
synonymous with the youth. With these damning statistics, the youth in Ghana and Africa in general, can
be viewed as either an opportunity or a ticking time bomb.
AIESEC Ghana has developed a Financial Literacy Project that seeks to empower the youth by addressing
the following issues that are responsible for their current financial status:
i.
ii.
iii.
iv.
v.
Lack of financial knowledge in saving, budgeting and investing
Lack ofcapital
Lack of knowledge on what to invest in.
Lack of discipline
Lackofskills
At the conclusion of our project, we look forward to a reduction in the gap between the rich and the poor
which we believe will have a ripple effect in creating financial equity.
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4. 3 PROJECTOVERVIEW
AIESEC Ghana has conducted afeasibility study and as a result, came up with 3 clusters of society:
• Senior HighSchoolstudents
• University Students
• SMEOwners
These parties will be engaged in our project in the following ways:
• Financial literacy sessions that will cover budgeting, saving and investing.
• Entrepreneurial mentorship aimed at starting and running a business with emphasis on credit
acquisition, responsible use of credit and business registration procedures.
The project will be run in 5 cities of Ghana namely: Accra, Cape Coast,Wa, Sunyani and Kumasi.
AIESEC Ghana seeks to bring in 40 exchange participants from our partner countries to:
• Facilitate the financial literacy sessions and entrepreneurial mentorship.
• Share good case practices from their countries.
4 PROJECTSCOPE
4.1Goals andObjectives
Goals Objectives
Theproject seeks to
achieve the education of
500 people on financial
literacy in the first phase
1
4.2PROJECTPRINCIPLES
Reduction of poverty among the educated group
and their families
Elimination of financial exclusion among the
educatedgroup
Reduction in youth unemployment through
encouragement od entrepreneurism
i.
ii.
This project to improve financial literacy is founded upon the following core principles:
Inclusiveness—reaching as many youth, particularly those most in need and future generations of
consumers andinvestors;
Engagement— helping all appreciate the importance of financial literacy and that small things done
regularly make a real difference;
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5. iii.
iv.
v.
vi.
vii.
Diversity—delivering learning that recognizes the different ways people learn and allows all to
participate fully;
Knowledge and empowerment—giving access to information, tools and ongoing support systems;
Improving outcomes—recognizing that information alone is not always enough and using
additional mechanisms to achieve better outcomes;
Partnerships—mapping and building on existing foundations to fill gaps and ensure other sectors
and organizations see the need for financial literacy and work cooperatively; and
Measurement—evaluating our work to know what is and is not effective, and learning from and
sharing these evaluations
4.3 Organizational Impacts
Organization ImpacttoandParticipationofOrganization
SCB Corporate Social Responsibilities are fulfilled
External positioning among the Ghanaian youth as
an organization that supports entrepreneurship
and financial inclusion
Increase in client base as a result of accessibility
with the youth
Human resources to run the project o a larger
scalethanbefore
AIESECGhana External relevance as impact is made on lives of
others
Strong relationship and support from Standard
CharteredBank
Cultural exchange experience trainee interns have
as a result of the project
Community Members of society will be better able to
overcome or avoid financial exclusion. Such
exclusion impacts on the opportunities individuals
can pursue their sense of security and their overall
emotional and physical wellbeing.
Good financial literacy skills help individuals and
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6. families make the most of opportunities, meet
their goals and secure their financial wellbeing, as
well as contribute to the economic health of
society.
Improved financial literacy can increase economic
participation and social inclusion, drive
competition and market efficiency in the financial
services sector, and potentially reduce regulatory
intervention.
4.4 Project Deliverables
Milestone Deliverable
1. SCB Training for Prepare Module for training
AIESECers Organize a boot camp for the trainings to be delivered
Successfully train 12 people to understand the training module
for the project.
2. Opening ceremony Organize a 2 hour ceremony to launch the project
Obtain media coverage for the project launch
3. Training Intern Trainers Train 25 intern trainers to educate the target group for the
project
4. Education of target Train500trained persons and
group Evaluate the learning to certify those who received the training
can be considered financially literate.
4.5ProjectDuration&EstimatedCosts
Project
Milestone
SCBTrainingfor
AIESECers
Opening
ceremony
Training Intern
Trainers
DateEstimate
23/11/14 to
28/11/2014
05/12/14
12/01/15
Deliverable(s)Included
Successfully train12 people
to understand the training
module for the project.
A 2 hour ceremony to
launch the project and meet
thepress
Successfully train 25 intern
trainers to educate the
target group for the project
ConfidenceLevel
High
High
Medium
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7. Educationof
target group
19/01/15 to
06/03/15
Train500trained persons
and evaluate their learning
to certify they can be
considered financially
literate.
High
FINANCIALLITERACYPROJECTBUDGET-NOVEMBER2014TO
MARCH2015
TRAINERSBOOTCAMP
Venue
Accommodation
Feeding(GHS30perday*12*5days)
Transportation:
CapeCoast@GHS30*2
Accra@GHS15*2
Kumasi@GHS70*2
Sunyani@GHS80*2
Wa@GHS100*2
60.00
30.00
140.00
160.00
200.00
GHS
1000.00
2400.00
1800.00
590.00
GHS
OPENINGCEREMONY
Venue
Refreshments
TRAINERSTRAININGTRAINEES
Feeding(7personsperLC@GHS15for5daysin5LCs)
INTERNTRAINING
Accommodation(25*GHS254)
400.00
700.00
2625.00
6350.00
5790.00
1100.00
2625.00
6350.00
15865.00
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8. 5 PROJECTCONDITIONS
5.1Project Assumptions
The dates of reopening of Senior High Schools and universities will on average be in the second
week ofJanuary2015
5.2ProjectIssues
PriorityCriteria
1 High-priority/critical-pathissue; requires immediatefollow-upandresolution.
2 Medium-priorityissue; requiresfollow-upbeforecompletionof next projectmilestone. 3 Low-
priority issue; this willberesolvedprior toproject completion.
Date
8th December
8th December
2014
Priority
1
2
Owner
SCB
Project
Manager
Description
Module for
training of
AIESECers
TrainingCampfor
Status&Resolution
[Replace this text with Status
andProposedor Actual
Resolution.]
[Replace this text with Status
andProposedor Actual
Resolution.]
5.3ProjectRisks
# RiskArea Likelihood RiskOwner ProjectImpact-MitigationPlan
1 Strike Medium AIESECGhana 5 communities with most of its
Actionsin population being youth will be
Schools identified and the youth will be
educated
2 EbolaScare Low AIESECGhana MoremembersofAIESECGhanawill
be sourced to do the educations
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9. 6
7
ProjectStructure
•12AIESECerswillreceive
training from Standard
Chartered Bank onfinancial
literacy to train others to
educate the target group.
Trainingfrom
SCB
ProjectApproach
Traineestrain
others
•TheAIESECerswho
received the trainings will
give trainings to others to
put them in a position to
educatemembers of
comminities and schools
•Those trainedby the
trainers will in turn educate
the target audience
TargetGroup
Education
i.
ii.
iii.
iv.
v.
vi.
vii.
viii.
ix.
Tailor and target all messages and materials to ensure they address the needs of particular
target groups
Have clear, simple calls to action
Consumer-test messages and materials to ensure they resonate clearly with target audiences
Work with and coordinate efforts of stakeholders to maximize distribution of messages and
minimize duplication and information overload
Make messages available in a range of formats and channels to cater to diverse information
needsandpreferences
Meet the information needs of people at specific or unplanned life events, or when they have a
particular financial or investment decision to make
Provide practical tools and resources that allow people to test their understanding of finance
and investment concepts
Provide means for consumers to commit to their goals and receive prompts, tips,
encouragement and reinforcement
Evaluate campaigns and programs and use the results of the evaluation for continuous
improvement.
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10. 8 ProjectTeamOrganization
SCBRep
TrainersfromSCB ProjectManager
Trainees
Targetgroup
ProjectTeamRoles ProjectTeamMember(s) Responsibilities
Advisor and liaison Richard Act inanadvisory
betweenSCBandAIESEC positiontotheFLIP
Ghana team
Inform the team of
requirements,
changesandother
inputs required for
the project.
Evaluationof
Successofthe
project
Project Management EvelynSenaKing Final responsible for
Team(AIESECGhana) GenevieveSimiyu the operations
ToyosiAbolarin pertaining to the
project
Management of
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11. trainers and their
activities related to
the project
Seekadvicefrom
theadvisor and
communicate
progress of the
project periodically
Evaluatingthe
successofthe
project in
consultation with
advisor
Trainers 12AIESECers Receivetraining
fromSCB
Traintrainees
without filtering or
altering the training
material provided
bySCB
Trainees 25internsfromAIESECs Educate thetarget
Community Development group
Program Evaluatetarget
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