Lack of financial literacy a setback


THE lack of financial literacy skills has become one of the major setbacks in the  growth of small to medium enterprises, says Kamaneku tribal leader Herman Maundo.
Maundo, pictured, said during the opening of a new guesthouse in Barawagi, Kerowagi district, Chimbu, that there was an overwhelming interest in people to start and manage small businesses but the lack of appropriate skills and knowledge had been a big problem.
“It is of paramount importance that aspiring men and women who want to advance into small micro-economic activities should first get training on how to manage small businesses before getting into SME activities,” Maundo said.
He said the lack of financial literacy education had been killing potential growth of small businesses in rural communities.
Maundo called on the Government to allow local businessmen and women of his Kamaneku area to be trained on financial literacy under the Bank of PNG’s micro-financial education programme.
He thanked Chimbu Governor Noah Kool and administrator Joe Kuna for giving overwhelming support towards growing the economy in the province.