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Easy Habits To Make You Financially Stable



Ghana cedi

What does financial freedom mean to you?

For many, it is a state of comfort and stability to meet the financial demands for your wants. It entails having enough savings and investments to afford the desired lifestyle and cater to their loved ones. Unfortunately, far too many people often fail at this. They are burdened by mounting debt, financial emergencies, overspending, and other issues that prevent them from achieving their objectives.


Unexpected events such as sudden medical issues or a pandemic can also derail well-put-together financial plans and reveal the gaps in that stability.

At a time like this, when the world is grappling with economic meltdown and health pandemic, the need to stay financially stable has become rather decisive. Here are the three steps to becoming financially free during these challenging times, especially one with many economic surprises.


Set Life Goals

Choose a reasonable and attainable goal and be true to putting in place sustainably firm plans to achieving these goals. Ensure that sure your goals are specific, measurable, achievable, relevant, and time-based. Often, it is difficult to keep track of individual goals due to a lack of focus or losing track of momentum, but consciously measuring your set goals diffuses that difficulty.


Setting realistic and time-bound targets helps you keep track of your progress, especially when you are deliberate and committed to reaching those targets, albeit gradually.


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Control Your Spending Habits

There is an instant urge to splurge when the anticipated money we expect hits your account. That instinctive urge to enjoy the present moment without thinking of the future. Nevertheless, it is critical to be prudent at all times to reduce unnecessary pressures on your savings and guarantee that financial security many crave.


In controlling your excessive spending habit and eliminating impulsive purchases, you can stick to a sustainable budget to cover only necessary expenses and save for the proverbial raining days. This way, budgeting appropriately allows you to plan for only the critical needs and sticking to your spending plan helps you manage your finances better.


Managing your spending habit will also keep you out of debt or help you work your way out of debt if you are currently in any debt whatsoever.


Save Strategically

This step cannot be over-emphasised as one could easily turn a penny into something bigger, especially while sticking to a tested and sustainable plan that helps you achieve your target.


To help you save deliberately and conveniently towards achieving the much-desired financial freedom, financial organisations have evolved plans to help you put away some money for an exciting objective.




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Business Articles

We Are Poor Yet We Are Sitting On Wealth – Dr Kwabena Duffuor



We Are Poor Yet We Are Sitting On Wealth - Dr Kwabena Duffuor

Former Governor of the Bank of Ghana (BoG), Dr. Kwabena Duffuor says the country is in crisis.

According to the owner of defunct UniBank, the country is endowed with massive natural resources but has been unable to exploit them to the benefit of the people.

Speaking at a forum organised by the Institute for Financial Services Ghana (IFS), the former Finance Minister, under the erstwhile President Mills government, charged government and all other stakeholders, to ensure a change in the current narrative or future generations will not forgive it’s 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 queried.

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Dr Kwabena Duffuor asked what the clergy and the media in particular, are doing 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. Kwabena Duffuor’s defunct UniBank’s license was revoked by the Bank of Ghana, together with five other banks to form the new consolidated Bank Ghana.

The Bank of Ghana revoked the licenses of a total of nine banks in its bid to clean up the sector.

The BoG cited various reasons including, capital adequacy ratio crisis, poor corporate governance, overexposure to related parties among others.





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Tips On How To Build Successful Business Networks



Tips on how to build business networks

Business networking is interacting with business contacts to exchange information and develop professional or social contacts. Have you heard that your network is your net worth? There is power in building relationships. A few years ago, my business revenue soared to 7 figures after being introduced to various women networks.

Having good business networks will help you gain social capital. Building relationships is like a bank but instead of keeping and growing your money, you are doing that with people and relationships. The more people you know, the luckier you become – it’s a game of numbers. It also brings you better opportunities, advances your career and helps you get better revenues.

There are many steps to building successful business networks, let me show you some:

Empower your mind

The first thing you need to do is reprogram your mind. Sometimes approaching people, especially for business, can be awkward for a lot of people. But you need to be confident, believe in yourself, be positive, speak affirmations, and expect good results. Once your mind is set for positive results, then you can expect a positive outcome.

Have a plan

Just like you do with other important business plans, it’s important to have a plan when networking. Here’s an example of how I would plan to build a potential contact:

Who? My goal is to network with Yetunde.

Why? Because I am passionate about empowering women.

What do I want?  To partner and do collaborations with Yetunde.

Where would I find her? On Linkedin or SheVentures.

How will I network? Send her messages, meet up and attend events.

Locate Networks

Once you have your plan, you need to locate those you wish to network with. You can locate your business networks through alumni’s, customer databases, groups on WhatsApp, religious groups, social media groups, business groups, phone contact, and webinars just to name a few.

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Nurture Networks

Have you ever met someone at an event and exchanged details but neither of you stayed in touch. You need to nurture relationships. Get to know your new contacts, schedule appointments, send birthday wishes, celebrate your contacts, and comment on their social media pages.

Give before asking

A lot of people have the wrong approach to business networking and that is why they are not successful. Have you heard the saying, “a giver never lacks?” That’s the same approach you need for business networking.

Give engagement, compliments, free advice, referral, and suggestions before you ask. Ask open-ended questions, business, and referrals. “You can have everything in life you want if you will just help enough other people get what they want” – Zig Ziglar.

Business Etiquette

Another wrong mindset when it comes to business networking is expecting too much too soon, and being overbearing. That is the fastest way to get blocked by those you are trying to build a relationship with. Don’t stalk your contacts, be polite, seek to add value, leave a good impression, send thank you notes, stick to time and follow through. Finally, don’t approach networking as transactional, see it as transformational, and be genuinely interested in those you wish to network with.

So go ahead and network.






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Ecobank Ghana and GCB Bank control 23.9% of banking industry deposits; Zenith Bank ranked 1st in financial performance




Ecobank Ghana and GCB Bank controlled about 23.9% of the banking industry market share in terms of deposits in 2020, according to a research analysis by an investment firm, Tesah Capital.


However, Zenith Bank was the best bank in Ghana last year in terms of financial performance.


Ecobank Ghana and GCB Bank continued to show their dominance in the banking industry, controlling almost a quarter of the industry’s deposits.


Ecobank Ghana


Whilst, Ecobank Ghana led the pack with 12.4% of the market share in 2020, GCB Bank controlled about 11%.

The two banks also operate a digital platform that enables customers to undertake several transactions. This has helped them to grow and increase their deposits.

Stanbic, Absa, Consolidated Bank Ghana, Fidelity, and Standard Chartered Bank placed 3rd, 4th, 5th, 6th, and 7th respectively.

On loans, Ecobank Ghana dominated the industry, controlling 10.4% of the assets last year.

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GCB Bank

Absa, Stanbic, and GCB followed suit in 2nd, 3rd, and 4th respectively.

Meanwhile, Zenith Bank maintained its number one position as the best bank in financial performance in 2020.

Standard Chartered Bank moved into the 2nd position, whilst Ecobank which was 2nd in 2019 and GCB Bank placed 3rd and 4th respectively.

On the contrary, FBN Ghana, UMB, and Prudential Bank were the least ranked banks. National Investment Bank and OmniBSIC were not captured in the report.

The rankings emanated from an assessment of the creditworthiness and performance of the banks using capital adequacy ratio, assets size, management capability, earnings, and liquidity.




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