As part of the Global Media Alliance Broadcasting Company (GMABC) ‘Financial Literacy Month’, the Managing Director (MD) of ‘Ecobank Development Corporation Investments (EDC), Paul Kofi Mante, was Brown Berry’s guest on Thursday, 25th June 2020’s edition of YFM’s Ryse and Shyne show. He was present to provide expert advice to the youth on developing a savings and investment habits.
GMABC, set aside the month of June as Financial Literacy Month, to have in-depth discussions with resource persons on all issues that bother on finance and money-related topics, and its impact on the Ghanaian economy. This forms part of the company’s themed month series which started earlier this year.
The MD used the ‘Parkinson’s law’ which states that our expenses (work) will expand to fill (consume) the money (time) available for its completion (execution). As long as one’s expenses are not under control, one’s salary will not be enough.
‘’As the salary is increasing, their lifestyle changes, I tested that at a church in Tarkwa, I spoke at the church and asked that if you struggle with your salary, raise your hand. They all did and I told them to own up if they think when their salaries are doubled it will be enough.
I asked ten people to come out and I gave them pieces of papers to write their salaries. The least among the ten was on a salary of three hundred and fifty Ghana Cedis (GHS350, 00), and that person felt she will be satisfied with double of that which is seven hundred Ghana Cedis (GHS 700). Among them was another on a salary of one thousand five hundred Ghana Cedis (GHS1500) which is four (4) times the first amount of GHS 350.00, but it was not enough. There was another salary of eleven thousand Ghana Cedis (GHS 11.000) and it was not enough.
Let me shock you, among the ten (10), the highest was on a salary of twenty thousand Ghana Cedis (GHS 20,000) and that was also not enough for the person. Savings must become a habit because salaries will never be enough’’ he explained.
He also gave five (5) tips he believes will inculcate a culture of saving in the youth;
‘’Save before you spend, your salary must dictate what you eat not your appetite. Choose your financial system, the hunter system lives on salary or the breeder system where you invest. Take a decision to become financially independent, lack of money is the major issue in our lives and relationships. Almost all things physical can be solved with money. Money will give you access to good health.’’
He also encouraged listeners to launch ‘operation one million’ through the EDC income fund.
‘’Everybody can make one million, it only depends on your income, someone can make it in five years another person can make it in 20 years.’’
He also advised listeners to eschew procrastination, excuses and blame, because they are a self-imposed limitation.
Ecobank Development Corporation (EDC) Ghana is the securities, wealth and asset management subsidiary of the Ecobank Group in Ghana
EDC, can be located at the 2nd Floor, Ecobank Ghana Head Office, 2 Morocco Rd, Accra