Mugodi – Let’s develop a culture of saving
In order to survive in these challenging economic times, says Mr. Timothy Mugodi , Head of Corporate and Investment Banking at Stanbic Bank, people must develop a saving culture.
He stated that in order to accomplish this, Ghanaians must modify their financial plans and reduce their spending to accommodate the nation’s current economic conditions.
“With inflation at more than 40%, we must examine our monthly spending to identify areas where we may make savings. In order to support the local economy, cutting our spending will also require us to buy more things made nearby, he said.
At the second Graphic Business/Stanbic Bank Breakfast Meeting, held at the La Beach Hotel in Accra on the subject of “What individuals and cooperations can do to survive the harsh economic realities,” Mr. Mugodi urged Ghanaians to cut down on their debt load and seize the opportunities that have resulted from the current financial crisis.
“Every opportunity also contains a challenge. If we want to grow the local economy, we must support locally created goods. The economy will become sustainable and viable as a result,” he said.
He urged Ghanaians to upskill in any endeavor to supplement their profession and to develop other personal skills separate from their jobs.
He continued, “I will challenge people to seek out information in financial literacy and be financially literate to govern their personal and professional lives.
Mr. Mugodi pleaded with people to endure the hardship of speaking with financial and economic professionals in order to receive guidance on how to arrange their finances during these difficult times.
He urged Ghanaians to persevere and make it a habit to run small enterprises in order to escape the challenging economic circumstances they are currently facing.
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