Economic literacy among tertiary students in Ghana: Evidence from University of Cape Coast

Abstract

Economic literacy measures the extent to which people can appreciate the forces that significantly influence the quality of their lives. Economically literate citizens may be able to make rational choices, understand and even form opinions on policies, and are likely to feel completely part of any public debate about the economy of a country. There have not been many studies on economic literacy, especially at the tertiary level in Ghana. It is in light of this that this paper seeks to investigate the factors influencing economic literacy among undergraduate students in the University of Cape Coast, Ghana. The study addresses two research questions: 1) What is the level of economic literacy among tertiary students in Ghana? and 2) What factors influence undergraduate students’ understanding of economic issues?The study employed a regression model on data collected from a sample survey of 1,366 undergraduate students in the University of Cape Coast. The results indicate that economic literacy is positively influenced by the level of the tertiary student, their SHS elective courses taken, their Cumulative Grade Point Average, interest in politics, and attendance of business/economics conferences. The study recommends that the fundamentals of economics could be introduced into the Social Studies discipline at the SHS so that all students benefit from this knowledge. The youth must be encouraged to be involved in business and politics, while Colleges and Universities should make business/economic seminars part of their curriculum.