There’s no guaranteed get-rich-quick scheme. Sustainable wealth creation relies on a combination of factors like education, hard work, smart financial planning, and a bit of risk-taking.
Here are some key areas to consider:
Invest in yourself: Consider acquiring new skills or certifications that can increase your earning potential.
Explore entrepreneurship:
Research business ideas that cater to Ghana’s growing economy.
Invest in the stock market:
The Ghana Stock Exchange offers opportunities for long-term wealth creation.
Real estate:
Aerial view of the Accra Skyline – Ecobank Ghana Head Office off the Indepedence Avenue.
Consider investing in rental properties or land for development.
Practice smart money management:
Create a budget, track your expenses, and avoid unnecessary debt.Top in-demand businesses in Ghana:
Agribusiness:
Ghana’s agricultural sector is ripe for investment, with opportunities in poultry farming, cocoa production, and vegetable farming.
E-commerce:
The rise of online shopping creates opportunities for Ghanaian’s with online stores or delivery services.
Education:
The growing demand for quality education can be met by opening daycare centers, tutoring services, or vocational training schools.
Renewable energy:
Ghana is transitioning towards renewable energy sources, creating a demand for solar panel installation or biofuel production.Remember, conducting thorough market research is crucial before starting any business.
The Minister of Finance, Ken Ofori-Atta, has indicated that government will place a levy on all electronic transactions, known as the Electronic Levy, as a means of widening the tax net.
According to him, it has become clear that there is an enormous potential to increase revenue from taxes by bringing into the tax bracket transactions being undertaken in the informal sector.
He indicated that COVID-19 contributed to the acceleration of the digitalization drive of Africa and data from the Bank of Ghana has shown a growing trend in online trade thus increasing the value of digital transactions from February 2020 and February 2021 alone to 120%.
He made the declaration on the floor of parliament while delivering the 2022 budget and fiscal policy statement on Wednesday, November 17, 2021.
The budget presentation is in line with Article 179 of the 1992 constitution.
Addressing members of parliament, the finance minister said that, “after considerable deliberations, government has decided to place a levy on all electronic transactions to widen the tax net and rope in the informal sector. This shall be known as the “Electronic Levy or E-Levy.”
He continued that “electronic transactions covering mobile money payments, bank transfers, merchant payments and inward remittances will be charged at an applicable rate of 1.75%, which shall be borne by the sender except inward remittances, which will be borne by the recipient”.
Mr. Ken Ofori-Atta was quick to note that portions of the proceeds from the E-Levy would be used to support entrepreneurship, youth employment, cyber security and road infrastructure.
He stated that the “electronic tax is one and we shall all pay”
The Minister for Finance, Ken Ofori Atta, has revealed that the Government has not laid off any public sector worker when the country was struck with the Covid-19 pandemic.
He made the revelation in Parliament on Wednesday November 17, 2021 when he was reading the Budget and financial estimates for the 2022.
A research conducted by the Ghana Statistical Service (GSS) in collaboration with the United Nations Development Programme (UNDP), and the World Bank on May 26 and June 17 2020 revealed that during the lockdown in 2020, businesses were negatively impacted.
According to their report, some “770,000 workers representing some 25.7% of the total workforce had their wages reduced and about 42,000 employees were laid off” during the partial lockdown.
However, the Minister stated that none of the public sector workers was affected.
“Under the Coronavirus Alleviation Programme Business Support Scheme (CAPBuSS), Ghana Enterprises Agency provided 302,001 successful applicants across various sectors and regions with loans amounting to GHȼ523.11 million.
“Mr. Speaker, we also ensured payment of our obligations to contractors and provided payroll support to some State-owned Enterprises to guarantee jobs.
“Thankfully, our President led and acted, decisively and intelligently and his leadership paved the way for many other countries in Africa and beyond.”
The Minister of Food and Agriculture Dr. Owusu Afriyie-Akoto has assured Ghanaians of a stable food supply.
He said the food security situation is not as dire, compared to countries in the sub-region asking Ghanaians not to panic over comments of food shortage in the country.
Speaking to Journalists in Accra, Dr. Owusu Afriyie -Akoto mentioned ongoing initiatives such as the expansion in the provision of seedlings and fertilizers to farmers, improvement in extension service delivery for farmers among others.
“These are measures that are being undertaken to ensure that Ghana does not move from the stable radar to a worse situation.’’
The Minister announced the Ministry’s Medium-Term plans to dredge the White and Black Volta to minimize the impact of flooding along that path especially to farmlands every year.
“The spillage of the Bagre Dam which is causing havoc in the upper East and upper West, we are trying to find a lasting solution by dredging immediately. Last year and two years ago we did a lot of dredging on the Black and White Volta so you don’t hear much of the flooding in the black Volta. We have a program lined up in the medium term to dredge the water in the White Volta to minimise the damage,” according to Dr. Afriyie-Akoto.
• He said Ghana has failed to utilise its natural resources to be benefits of its citizens
• He made this remark at a forum organised by IFS
Dr Kwabena Duffuor, a former finance minister, says Ghana, a country well endowed with massive natural resources is in crisis.
He explained that, despite all the natural resources, political leaders have failed to exploit them to the benefit of Ghanaians.
The former governor of the Bank of Ghana (BoG) made this observation during a forum organized by the Institute for Financial Services, Ghana (IFS).
Dr. Duffuor, however, charged the Akufo-Addo led government to ensure that there is a change in the current narrative of the status of the country else, future generations will suffer and also will not forgive the leaders.
“The narrative should change immediately, otherwise our children will not forgive us. Our natural resources endowment can change this country if we decide to use them efficiently, and honestly, we are not doing that,” he stressed.
“We cannot disagree that Ghana is a very wealthy nation but Ghanaians are poor, that’s where the problem is. Why are we poor but we are sitting on wealth, so what do we do?” he quizzed.
The owner of the defunct UniBank further charged the clergy and other stakeholders to change the narrative and put Ghana on the path of prosperity, so that Ghanaians can reap the benefits of the natural resources.
“So, the clergy, what are you doing? The media, what are you doing? Ghana is in crisis,” Dr. Duffuor observed.
Gender/Social Protection & Local Government Ministries train and give capital to over 300 people in Offinso North to enter into production
The Ministry of Local Government, Decentralization and Rural Development in collaboration with the Ministry of Gender, Children and Social Protection through a project dubbed “Ghana Productive Safety Net” have trained and giving start-up capitals to about 300 people in Offinso North District of the Ashanti region to begin production and petty trading in order to make meaningful livelihoods.
Speaking in an interview with Asta/Winners Fm’s Nana Kwadwo Adu during the passing out and handing over ceremony at Akumadan, Mr. Desmond Duametu National Officer in charge of the project revealed that this initiative by President Akuffo Addo led NPP’s government is aimed at helping People of Ghana to get something doing on their own without always depending on Government for jobs.
Mr. Desmond Duametu, National Officer for Ghana Productive Safety Net project.
Mr. Desmond Duametu, National Officer for Ghana Productive Safety Net project.
For their parts, MP for the area Hon. Augustine Collins Ntim who doubles as a deputy Minister for Local Government and his award-winning DCE Hon. David Kwasi Asare Boakye “Adwumawura” unanimously thanked the President for choosing Offinso North as one of the 80 pilot districts for the project and devised beneficiaries to go and start doing something to better their lives.
MP Hon. A. C. Ntim and DCE Hon. David Kwasi Asare Boakye “Adwumawura”, Offinso North.
MP Hon. A. C. Ntim and DCE Hon. David Kwasi Asare Boakye “Adwumawura”, Offinso North.
Finally, Mr. Albert Sefa Boampong Zonal Coordinator for the Ghana Productive Safety Net project, and some of the beneficiaries also shared their experiences with Peace News correspondent Nana Kwadwo Adu of Asta Fm.
Mr. Albert Sefa Boampong, Zonal Coordinator and some Beneficiaries of the Ghana Productive Safety Net project.
LOYAL CONSUMERS OF “WAAKYE & BANKU” IN THE TWIFO ATTI-MORKWA DISTRICT UNHAPPY ABOUT THE DRASTIC REDUCTION IN QUANTITY AS SELLERS ATTRIBUTE IT TO HIGH PRICES OF BEANS AND MAIZE
The ardent consumers of “Waakye and Banku” in the Twifo Ati-Morkwa district of central region have expressed dissatisfaction about the sudden decrease in the quantity of the food they buy.
Speaking with Listowel Aboagye Dacosta of Sweet FM, the custumers explained that, previously, with Gh5.00, one could get full plate of Waakye with fish, vegetables and fish or chicken. With same amount of money, one could equally get two big balls of Banku and fish or meat but of late, with same amount of money, you get nothing that can make you full they lamented.
In response, the “Waakye and Banku sellers in the Twifo Ati-Morkwa district also attributed the recent reduction in the quantity as complained by the customers to the current maximization in prices of beans and maize. The added that they used to purchase a bag of beans and maize Gh600 and Gh300 respectively however, there have been astronomical increments in the prices of beans and maize on the general market that has necessitated for a reduction in the quantity of their food.
SOURCE Listowel Aboagye Dacosta of Sweet FM / / Shop@torsaa
Persistent building materials price affecting house rent – Landlords Association
Landlords association in Bampenase-Asumanya in the Kwabre East District in the Ashanti Region have expressed worry over persistent increases in the building materials and called for a national action to curb the trend.
Some of the landlords during the launch of Anidaso landlords Association said persistent hikes in the price of cement and other building materials had raised the cost of building and contributed to increases in house rent. Cement prices were anticipated to grow by 3.9 percent in 2019 and 2020.
Elder Owusu Akyaw, chairman of the Anidaso landlords Association, said since Ghana’s economy continued to expand, cement was very key to infrastructural development. However, constant increases in the prices of building materials would have serious repercussions on the economy.
Elder Owusu Akyaw explained that the formation of the association is to come together and fight one goal by so far as rent advance is concerned.
He said, most of the tenants don’t know the act of rent control and it’s creating problems between landlords and the tenants.
Assemblymember of the area Hon Williams Asamoah commended them for the formation of the association which according to him will bring development in the area. He then called them to do some background checks before giving out their room to a tenant.
Angela Gyeibiwaa who is a senior rent control officer at the Kwabre East municipal advises landlords and tenants to understand the rent control act so that both the tenants and the landlords will live in peace.
The problem with politicians and political parties owning media outfits (radio, TV, etc.) is that they are able to do propaganda as much as they want, project their parties and political ideologies, whether good or bad, and inevitably misinform and miseducate the public. Even when they don’t have their own radio or TV stations, they end up contracting some media personalities who then cultivate the corrupt habit of turning a blind eye to or sidestepping major issues and asking frivolous questions when they get the opportunity.
How many media houses and media personalities are talking about Government’s corrupt dealings in the Ghanaian oil and gas sector?
Take a good look at the Volta Region for instance. There are no less than 4 radio stations owned by NPP party people and despite the attempt to be unbiased in their reportage and during their morning shows, you can still see where they are headed and what the long term-term strategy is.
Even radio stations that claim to be unaffiliated to political parties, end up inviting only NDC and NPP reps on their morning shows. I don’t even know who told them that you can’t have a morning show and discussions without NPP-NDC reps in the studio.
It’s mediocre really and a tacit promotion and endorsement of the duopoly.
We need experts discussing national and topical issues, not NDC and NPP representatives.
You owe us, the public, that duty. We don’t want politically biased takes on issues, we need expert opinions.
Edmund Burke said the Fourth Estate is the most powerful, most important and most influential among the four arms of government, and he is right.
politicians
The media can affect and influence public participation in politics, serve as a platform to educate or miseducate the masses, and when political persons and parties start owning media houses, that’s when the public is deceived, becomes less politically conscious, and not able to think and see the duopoly for what it is.
A political pact that desires to keep the general populace ignorant in order to perpetuate their stranglehold on Ghanaian politics.
If we are ever going to reverse the damage politically biased journalism is causing in Ghana, we need to own media outfits and also make judicious use of the internet and word-of-mouth.
If you can’t fight the information wars, forget it. You are not making inroads and you can’t get enough people informed and moving in opposition to the duopoly.
Get people and groups signed up, develop a clear strategy, put an organizational structure in place, democratize every decision making process, and then move.
This fight is bigger than any of us, but you can’t discount the role of individuals, you can’t alienate anyone. You shouldn’t.
FixtheCountry demonstrations have already happened in Spain and England, and Ghana is next.
It’s coming off on Wednesday, the 4th of August, 2021, and the meeting point is Obra Spot, Kwame Nkrumah Circle in Accra at 7:00am. Put on your mask. Add a face shield if you want to and hit the streets.
Do it for the patients who have to sleep on the bare floor at our hospitals while our leaders have oxygen tanks ready and available in their bedrooms and go for treatment abroad. #FixGhanaHealthService.
fix. the countryfix. the country
Do it for the poor children still studying under trees while your favourite politician’s children get driven in V8’s to Cambridge curriculum teaching schools. #FixGES.
Do it for the lack of good roads, good hospitals, national indebtedness and the endemic corruption in governance that sees a few people amassing wealth while Ghana remains poor.
FixtheCountry does not want NPP or NDC in power; it wants a government that works to get Ghana fixed. It wants a government that greatly amends or changes the constitution.
If the NPP can do it, great. If the NDC can do it, great. If we need to bring in another group of politicians to do it, great. I personally think neither of them can do it. They’ve had almost 30 years to do it and couldn’t. t’s time for change now.
We need a third force more than ever. We need the Third Force. We need an alliance. We need an independence coalition. We need all parties that are not appendages of the NPP-NDC duopoly, and influencers and individuals with huge followings, groups and movements coming together to wrestle power from the NDC-NPP axis in 2024.
It is possible.
A few days after sending that petition to the Police, FixtheCountry activists were tricked into a meeting with National Security and a couple of ministers partaking instead of meeting the IGP as was communicated. It was during this meeting that the Government using the Police worked to secure an injunction against the intended demonstration and readied itself to use the courts and intimidation to stop any protests seen as making the government unpopular.
FixtheCountry activists have been in and out of court and now have the go ahead to protest, after the government has itself attended super spreader events (Covid was being used as the reason to stop fixthecountry protests) and allowed the very gullible NDC to demonstrate.
I was interviewed by Asaase Radio few days after the Police secured an injunction against the intended demonstration, and it appeared as if the interviewer wanted me to say that we were going to disregard the law and demonstrate anyway.
I didn’t. I only answered that there were many ways to demonstrate and hitting the street wasn’t the only option. We went ahead and demonstrated online on May 9th, 2021.
On the 3rd of May, 2021, something big happened in Ghana. Something unprecedented. Only the new media could make it possible.
If Joshua Boye-Doe (aka KalyJay) had written a 2000 word long feature in the Daily Graphic about the problems bedeviling the country due to the incompetence of the NPP-NDC duopoly, a few hundred people might have read it and maybe two would have reached out.
But majority of Ghanaians, the young and adult populace on social media wouldn’t have heard about it, and maybe the Daily Graphic wouldn’t have published the article anyway.
The paper that did not see Ejura as worthy enough to feature on its front would have probably hidden a #FixTheCountry article somewhere else–between three electronic goods adverts. I doubt if they would have published it even.
Enter the internet and social media. A reading platform available to every smartphone user, and Twitter, the social media platform that inspires the most hashtags.
It was easier to sound the clarion call with three little words than a feature long article or speech delivered on TV or radio.
KalyJay named a couple of things wrong with Ghana and tweeted #FixtheCountry.
That set the ball rolling. It was as good as Mohamed Bouazizi setting himself on fire in the streets of Tunis. It was as good as Rosa Parks saying ‘my feet hurt.’ It was as good as Martin Luther King Jnr. saying ‘I have a dream.’
Macho Kaaka had a dream as well. He wanted Ejura fixed. He wanted his community developed and its myriad of problems taken care of. His allegiance to community mattered to him more than the party he belonged to. Don’t let his dream die. Keep it alive. #FixEjura.
fix. the country
Few weeks later, government officials with verified accounts reported KalyJay’s account and it got suspended by Twitter.
That’s the kind of Government you have, Ghana. A government that does not tolerate criticism and sees anybody not singing their praises as the enemy. It’s political vindictiveness of the lowest form.
Joshua lost access to his Twitter account for sometime, but the horse had already bolted. Almost every Ghanaian on Twitter was tweeting #FixtheCountry, using the hashtag on Facebook, and it wasn’t long before a leader emerged, calling on others to join him to petition the police about an intended #fixthecountry demonstration.
The signatories to that first letter sent to the Police were Mawuse Oliver Barker-Vormawor, Joshua Boye-Doe, Samuel Alesu-Dordzi, Efia Odo, Dela Russell Ocloo, Felicity Nelson, Bashiratu Kamal Muslim, Agyapong Forster, Adatsi Brownson, Benjamin Darko, Gabriel Ohene Kwasi Addai, Comedian Warris, Prince Kwaku Addo and Stan Dugah.
fix. the country
Other signatories have signed subsequent letters and worked and continue working hard to #fixthecountry.
Now, look over the names again. Are they all Ewes? Are they all Akans? Are they all Christian names? Are they all Islamic names?
The greatest mistake ever made by the NPP in 2021 is assuming that Ghana is so polarized, so divided, so politically binary that anybody who supports or identifies with #fixtheCountry must be an NDC member or sympathizer.
Not true.
When I launched my first book in November, 2020, I predicted that both the NDC and NPP will win less than 20% of total votes cast in 2024. Sounds crazy, I know. But it will happen in our lifetime. The Grand Awakening is almost here.
Oliver Barker-Vormawor was a staunch supporter and member of #OccupyGhana in 2014, so why will you tag him as a surrogate of the NDC?
If you are wondering what #OccupyGhana was, I can only tell you that it was a pressure group that was doing in 2014 exactly what #FixtheCountry is doing in 2021, and most of their members are now Government appointees and lawyers who worked on the Agyapa deal. No wonder they think #FixtheCountry is a vehicle created to bring JDM back. They are too short-sighted to see the truth.
That’s the difference between us and them. We were part of #OccupyGhana; they are not part of #FixtheCountry.
100 cedis a month for Cathedral or 88 district hospitals? – A plus throws a challenge
Finance minister Ken Ofori-Atta presented 2021 mid-year budget to the parliament of Ghana on 29th July 2021. At the presentation, the minister made an appeal to Ghanaians to contribute Hundred Ghana Cedis (GHc100) a month towards the building of the National Cathedral.
This has sparked a debate on social media as some people see it as a misplaced priority.
Controversial musician turned politician, Kwame Asare Obeng popularly known as A plus has thrown a challenge to social media users to join in with what they would want Ghanaians to contribute 100 Ghana cedis for as he has chosen a contribution towards the president’s promise to build 88 district hospitals.
Cathedral
A plus wrote on his Facebook page
“I’m also asking for 100 Ghana cedis a month to help build the 88 district hospitals.
Where will your 100 cedis go? Cathedral or hospitals?
To join the challenge click on the hashtag to create a post.
Vice President Dr. Mahamadu Bawumia endorses the usage of Bitcoin in Africa
Vice President Dr. Mahamudu Bawumia says it is time African governments embrace digital currency (bitcoin) to facilitate trade and enhance other productive sectors of their economies.
He, therefore, lauded the Bank of Ghana’s decision to pilot digital currency later this year towards its nationwide roll-out in the near future, saying that it would give it the needed credibility and legal backing for usage.
Addressing participants at the opening ceremony of the Fifth Ghana International Trade and Finance Conference (GITFiC) in Accra on Tuesday, Dr. Bawumia said, Intra-African trade had created the need to establish a Single Central Payment platform on the African continent where financial system operators could carry out all cross-border payments smoothly.
To that end, the Vice-President believed that the Pan African Payment and Settlement System(PAPSS)- a central payment and collection infrastructure- would allow businesses on the continent to clear and settle transactions in their local currencies without depending on third-party currencies.
He said it would also provide an alternative to the current high-cost and long correspondent banking relationships by facilitating trade and other economic activities across the continent through a single, low-cost, and risk-controlled payment clearing and settlement system.
The event brought together Governors of the Central Banks in Africa, captains of industry, chief executives of financial institutions, and the diplomatic community to share ideas and engage in conversations that would create a conducive environment for boosting economic activities and promote growth.
It was held on the theme: “Facilitating Trade and Trade-Finance in AfCFTA; The Role of the Financial Services Sector”.
Vice-President Bawumia noted that digitisation had become one of the most consequential policies of President Akufo-Addo’s government and pivotal towards increasing economic activities, macroeconomic stability, and growth.
In that vein, a robust and resilient financial system would provide an impetus for productive investments, expand opportunities for jobs and wealth creation.
“As you may recall, in a bid to improve liquidity and strengthen the banking sector, the Bank of Ghana implemented a new prudential regulatory framework.
“The banking sector clean-up was aimed at promoting a financially stable banking sector.
“Concurrently, digitisation has also become one of the most consequential policies of the Nana Akufo-Addo government. When the scourge of the COVID-19 pandemic hit and forced many economies into partial and total lockdowns, it reinforced the need to pursue digitization,” Dr Bawumia emphasised.
Bitcoin
He stated that mobile banking was proving to be a more convenient alternative to traditional banking channels as several routine banking and money transactions were now executed through mobile phones and electronic payment systems.
“Indeed, one has to recognise that for the financial services sector to play its role, there must be financial inclusion.
“The implementation of Mobile Money Interoperability in Ghana has shown that more people can be financially included, and this needs to be rolled out across Africa to ensure the growth of the AfCFTA vision,” he added.
To leverage digital technologies and digitized data, he said, the Central Bank had rolled out a couple of systems through its Ghana Interbank Payment and Settlement Systems (GHIPSS).
They include thee-zwich, Gh-Link, Mobile Money Interoperability, and QR Code and making sure that the underlying payment system runs smoothly is the least we should expect of the financial system if we are to realize the vision of continental free trade.
He stressed that since payments were at the heart of the day-to-day operations of a free trade system, negative spillover effects could be serious if something goes wrong.
Therefore in 2019, the Government introduced the Payment Systems and Services Act, 2019 (Act 987), under the supervision of the Bank of Ghana, to consolidate the laws relating to payment systems, payment services, and regulated institutions in the electronic money business.
The advent of this legislation, Dr. Bawumia explained that, had helped deepen financial intermediation and financial inclusion, not only in Ghana but across the continent.
” I am hopeful that the rollout of the Pan – African system will synchronize successfully with the payment systems architecture developed by Central Banks across Africa and bring about a reduction in cost, time variability, and decreased liquidity requirements of commercial banks and central banks settlements.
Bitcoin
“I encourage the Association of Ghana Industries (AGI), a partner entity in this conference, to help its members build a solid and resilient productive capacity to benefit from the AfCFTA implementation.
That, he said, would complement the Government’s effort in providing both the required leadership and investments in implementing the continental trade protocols and related action plans.
He expressed the belief that the conference would deepen the conversations on the need for Africa to design its unique models, which would provide an enabling structural transformation of Africa’s economy and thereby, placing Africa on a sustainable long-term growth path.
‘I’d have asked MPs to reject $28M car loan If I had my way’ – Okaikwei Central MP
The Vice-Chairman of Parliament’s Finance Committee, Patrick Boamah says if he had his way, he would have asked his colleagues in the Chamber to reject the latest car loan laid in the House for Members of Parliament.
According to the Member of Parliament for Okaikwei Central, the state should rather consider purchasing cars in a pool for MPs to use during their term in office and hand over to their successors when they leave Parliament.
He contends that the public backlash that follows the procurement of loans is unfair when it is the case that MPs have to pay back the money while their colleagues in other arms of government access these vehicles as part of their conditions of office.
“If I had my way, I would tell my colleagues to reject the facility for the simple reason that all the other arms of government, vehicles are procured for them without going through the process where the media is always on the back of MPs for contracting a loan.”
The Minister for Finance, Mr. Ken Ofori-Atta presented a loan agreement for $28 million to Parliament for the purchase of 275 vehicles for members of Parliament.
Based on the amount and the number of individuals involved, each MP is expected to receive over $100,000 for the purchase of a vehicle.
The Finance Committee of the House is expected to consider the loan agreement and report to the house.
Mr. Boamah said his colleagues might explore other means of gaining access to such initiatives if the public continually criticise the move.
“If the public thinks that MPs do not deserve a vehicle to ride in, we should know, so we know our limitations and what the Finance Ministry can do to support our work.”
There have been situations of MPs failing to pay back car loans.
In 2017, the Microfinance and Small Loans Centre (MASLOC) was on the heels of some Members of Parliament who bought their vehicles on loan but had defaulted in paying back several years after.
Reports indicate that letters that had been written to the MPS for them to honour their obligations did not receive any reply.