Abdul Rahman Saeed, Chief Executive Officer (CEO) of Cash Money Plus, a newly-established shopping mall at Alabar in Kumasi, has sternly cautioned businessmen in the country not to access loans from banks to support their businesses.<\/p>\n
He said loans from banks have the potential of \u2018killing\u2019 their businesses entirely. He noted that the percentage that one has to pay for a loan secured from the bank is exorbitant, entreating businessmen not to secure loans from banks.<\/p>\n
\u201cIn Britain the percentage that one has to pay for collecting loan is around 0.5 percent of the money collected but sadly in Ghana the percentage for a loan is now around almost 40 percent,\u201d he said in an interview.<\/p>\n
Rahman Saeed was of the opinion that the loan system in Ghana favoured the banks and not businessmen.<\/p>\n
Asked about where small business operators should go in order to obtain funds to support their businesses, he said \u201cthey should cultivate the habit of saving the small income that they get at the initial stages of business.\u201d<\/p>\n
According to him, since there is an adage that \u2018small drops of water makes a mighty ocean\u2019 he is hopeful that businessmen would raise capital on their own if they learn to save.<\/p>\n
Rahman Saeed was speaking to CITY & BUSINESS GUIDE at the officially opening of the first shopping mall at Zongo, a suburb of Kumasi on Tuesday.<\/p>\n
Christened \u2018Cash Money Plus,\u2019 the shopping mall, which is solely owned by Rahman Saeed, deals in household items like fridges, television sets, among others.<\/p>\n
He noted that he managed to save money from his own small businesses before coming up with the great edifice, urging his other businessmen to emulate him.<\/p>\n
Rahman Saeed decided to set up his business at a densely populated Zongo community because he is of the conviction that whatever others can do the Zongo people can even do better.<\/p>\n
He admonished businessmen not to make the love of money override their emotions, but rather wait patiently for Allah to bless them, adding that businessmen should also go in for movable goods so as to grow their businesses rapidly.<\/p>\n<\/div>\n
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