Govt urged to restore confidence in economy
An Environmental Economist, Professor Anthony Amoah, has called on the government to take steps to inject renewed hope into the economy and steer it out of the current challenges.
He said the government should prioritise transparency in management of the economy to repose the needed confidence in order to attract investment from the financial market.
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“We are proposing to the government to work hard to fix the macroeconomic environment.
If that is done, some level of confidence can be reposed and based on that people will reinvest their money in the Ghanaian economy,” Prof. Amoah said at the launch of the Ghana Wealth Index Report at the University of Ghana Business School (UGBS) in Accra last Friday.
It was launched at a forum on the theme: “Wealth Creation and Management beyond Retirement: Philanthropy a Channel to Impact Lives Far and Near.”
Findings
On the findings, he said the report showed that the general economy of the country was not supportive of wealth creation.
“The index showed that expectations from the financial securities industry for the next six months would be very low. The outlook of the Ghanaian economy is also very bleak.
Global outlook is also worse because when we compare what is happening in Ghana and the world, the outlook does not appear positive,” Prof. Amoah, who is also the acting Dean of the School of Sustainable Development, University of Environment and Sustainable Development (UESD), said.
Build savings culture
A Senior Lecturer at the Department of Finance at the UGBS, Prof. Anthony Aboagye, underlined the need for Ghanaians to build a culture of savings, especially among the youth.
He said with self-discipline and concerted effort, a person who earned regular income could save and this would help to create wealth.
“It is worth noting that a little savings every month can lead to capital accumulation,” he said.
Plan a will
A Private Legal Practitioner, Anita-Delight Danquah, stated that estate planning was not just for the ultra-wealthy or the very old.
She said everyone, regardless of financial status or age, could benefit from having an estate plan — “assuming you have assets to leave and people to leave them to.”
“A will ensures that your assets and personal possessions are divided up among those individuals you want to inherit.
Without a legally valid document setting this out, your estate won't necessarily be bequeathed, according to your wishes. The fact that you are a student does not mean you do not have anything,” she added.