Rebuilding trust through financial education – Juliet's journey

© Juliet - ACCEL Africa beneficiary in Ghana

© Juliet - ACCEL Africa beneficiary in Ghana

BIBIANI (ILO News) - As part of the ILO ACCEL Africa Project in Ghana, a Financial Education Training was conducted from July 28–30, 2025, in Beposo, located in the Bibiani Anhwiaso Bekwai Municipal. The training targeted Cocoa Cooperatives and Village Savings and Loans Associations (VSLAs) to enhance their financial knowledge and decision-making skills.

One of the participants, Juliet Ackah Bonah, entered the training with a firm resolve never to deposit her money in a bank again. A dedicated member of a local VSLA in Beposo, Juliet’s distrust in the formal financial system was deeply rooted in personal experiences that had significantly impacted her financial stability.

Juliet’s scepticism was shaped by two major financial setbacks:

• Juliet had painstakingly accumulated savings, which she deposited in GN Bank. During Ghana’s 2018 banking sector crisis, GN Bank was among the institutions that collapsed. Juliet lost all her savings, leaving her disillusioned with the banking system.
• Determined to recover, Juliet mobilized additional funds—GHS 4,000 (around 350 USD)—for a personal goal. She opened a new savings account with a different bank, explicitly requesting that no deductions be made. Despite this, she later discovered unexplained charges that steadily reduced her balance. Fearing another loss, she withdrew the remaining funds and resorted to keeping her money at home.

The Financial Education Training marked a turning point for Juliet. Through interactive and practical sessions, she gained critical insights into:

• Different savings options and methodologies
• The structure and features of various banking products
• How to compare financial services and make informed choices
• The importance of understanding terms and conditions
• Consumer rights and responsibilities in financial transactions

This newfound knowledge empowered Juliet to reassess her views on formal banking.

The outcome

Juliet emerged from the training with a transformed mindset. She now understands that while risks exist, financial literacy and due diligence are key to minimizing them. With her confidence restored, Juliet is ready to re-engage with the formal financial system—this time as an informed and empowered consumer.

“Now I know that banks remain the best option for savings. I realize I didn't exercise due diligence previously per what I learnt today. I should have inquired about the various savings products and their associated terms and conditions. If I had known about the treasury bills option, which we were taught during this training, my money would have grown by now instead of diminishing.”— Juliet Ackah Bonah, VSLA Member, Beposo.

She has expressed a clear intention to resume banking, equipped with the tools to evaluate financial products and assert her rights as a customer.

Juliet’s experience highlights the transformational power of financial literacy in restoring trust in formal banking systems. It underscores the importance of clear and transparent communication between financial institutions and their clients, as well as the need for consumers to understand product terms and conditions before making financial commitments. Her story also demonstrates how informed decision-making can lead to safer, more effective financial choices and contribute to long-term financial inclusion.