As part of its effort to mark this year’s World Savings Day, the German Sparkassenstiftung Western Africa (DSIK), in partnership with Konrad Adenauer Stiftung (KAS), celebrated the occasion with students of Accra Girls’ Senior High School.

World Savings Day, which is celebrated annually, seeks to promote the significance of savings as a way to reduce poverty, promote financial literacy, and educate people about saving and managing their finances.

Themed: “Savings: the gateway to future financial independence”, this year’s World Savings Day serves as a reminder of the importance of sound financial decision-making and habits that contribute to shaping a better future.

Speaking at the event, the Regional Coordinator of the German Sparkassenstiftung Western Africa, Kwang-Yung Jung, said DSIK has demonstrated its commitment to promoting access to the financial system, particularly savings, both globally and locally in Ghana.

“World Savings Day, celebrated on October 31st each year, highlights the importance of saving. It serves as a global reminder that every penny saved today can lead to a more secure tomorrow. It is an opportunity to acknowledge the power of financial responsibility and planning. The act of saving is a testament to our commitment to creating a more stable and prosperous future for ourselves and generations to come,” he said.

Mr. Jung further stressed the importance of saving among women, particularly at a young age, to promote financial literacy and gender equality.

“Savings, particularly when embraced by women, play a pivotal role in achieving gender equality. Women worldwide have demonstrated remarkable financial acumen when given the opportunity to save. By saving, women gain financial independence, allowing them to contribute to their families, communities, and societies. It empowers them to invest in education, healthcare, and entrepreneurship, among others, thereby breaking the cycle of poverty and promoting gender equality,” he noted.

Mr. Jung added, “When women are financially secure, they can actively participate in decision-making processes and lead change within their communities. Promoting savings among women is a step toward a more equitable world”.

For his part, Assistant Headmaster for Academics at Accra Girls SHS, Sebastian Adama, expressed his satisfaction with the programme in commemoration of World Savings Day. He also expressed confidence that if the students embrace the saving culture and apply the lessons from the programme by the German Sparkassenstiftung Western Africa (DSIK), their future will be exceptionally bright.

He stated: “The culture of saving requires discipline. Without self-discipline, saving becomes impossible—it demands sacrifice. For young individuals who often struggle to distinguish between their needs and wants, savings will mean that they must forgo some things. I know our girls have a future. If they cultivate this savings culture and are able to go beyond what they experienced at the programme today, the future is going to be so bright for them such that they can achieve whatever they set their minds to. During the event, speakers shared inspiring stories of how they managed to buy their first cars through sacrifice and saving. These examples serve as powerful reminders that with determination and financial discipline, any goal is attainable.”

Earlier, Director of Konrad Adenauer Stiftung (KAS) in Ghana, Dr. Arne Wulff, shared his personal savings experience as a young person in Germany, urging students to start their savings journey, even if it appears modest and inconsequential at the outset.

Mrs. Charity Annan Adupong, CEO of Meannan Foods, inspired the students through her story of savings as a young and ambitious 15-year-old girl who set a goal for herself and achieved it through resilience, grit, and integrity.

The German Sparkassenstiftung for International Cooperation (DSIK) is a member of the Sparkassen-Finanzgruppe (Sparkassen Finance Group) in Germany. Over the last 200 years, German Sparkassen has become the largest financial group in Europe, successfully combining a high degree of professionalism with a strong social mandate.

DSIK was founded in 1992 by the Sparkassen-Finanzgruppe to become a development-policy arm of the Sparkassen-Finanzgruppe in Germany, thus extending the social mandate of the Sparkassen to developing countries and emerging economies too.
In West Africa, German Sparkassenstiftung Western Africa projects activities focus on strengthening the local credit union, their umbrella association, and microfinance institutions, especially in Ghana, The Gambia, and Sierra Leone, with a view to enabling them to provide their members with needs-oriented and customized services.

The main aim of DSIK in Ghana is to reduce poverty among excluded and disadvantaged parts of the population by improving their financial inclusion through access to financial services.