HARNESSING FINANCIAL EDUCATION FOR POVERTY ALLEVIATION IN GHANA: DOES RELIGIOSITY MATTER?

Abstract

ABSTRACT The paper examines the directional relationship between religion and poverty: whether religious belief systems contribute to the persistence of poverty, or whether socio economic deprivation fosters increased religious adherence. It interrogates whether poverty can be conceptualized as a function of religious influence, or conversely, whether religious commitment emerges as a response to economic hardships. This study examines the degree to which religiosity affects financial literacy and its consequences for poverty reduction in Ghana. Using qualitative textual analysis of Christian and Islamic texts, supplemented by secondary academic sources, it investigates how religious teachings influence financial attitudes, behaviors, and outcomes. Grounded in the Capability Approach and theological ethics, the study highlights paradigms such as the “teach-a-man-to-fish” model to emphasize the synergy between faith-based values and sustainable development. Thematic analysis indicates that internalized religiosity, in conjunction with focused financial education, fosters frugality, debt aversion, and economic resilience among low-income populations. The research bridges gap between religious values and poverty policy, offering insights for faith-based institutions, financial educators, and development stakeholders in sub-Saharan Africa. These findings challenge conventional poverty interventions by demonstrating the transformative role of religiously embedded belief systems in driving financial empowerment. The significant original contribution that this study makes is the “teach-a man-to-fish” paradigm, as an effective and sustainable poverty alleviation strategy in Ghana.