In Ghana, telecommunications company MTN Ghana has urged entrepreneurs to strengthen financial discipline and manage funds more rationally to develop sustainable businesses. This was discussed during a virtual financial literacy webinar organized for the company’s 30th anniversary, MyJoyOnline reports.
The event, titled “Making Money Moves: Building a Financially Smart and Sustainable Business,” featured Yaw Saifa, Senior Manager for BankTech at MobileMoney Fintech Limited, Paul Mante, Managing Director of EDC Investments, and Desmond Bredou, Head of Client Relations at Stanbic Investment Management Services. They discussed financial discipline, cash flow management, digital payments, investments, and capital building.
Separate funds for business
Yaw Saifa advised entrepreneurs not to mix personal finances with business funds. According to him, this makes it possible to determine revenue, profit, and available working capital more accurately. He also recommended using digital tools to monitor sales, payments, invoices, and cash flows.
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Saifa noted that digital platforms can help companies with several branches remotely track operations and maintain verifiable transaction records. He also advised considering ERP systems for managing customer data, inventory, and other business processes.
Revenue does not equal profit
Paul Mante warned entrepreneurs against equating sales with profit. He noted that business owners may begin spending heavily after sales rise without determining whether the enterprise is profitable. Mante also warned about the risks of rapid expansion without sufficient working capital and urged people not to count on getting rich quickly.
Investing from small amounts
Desmond Bredou advised Ghanaian citizens to start investing regardless of their income level. According to him, it is not necessary to have a substantial sum for initial investments — it is possible to start with 50 Ghanaian cedis. He stressed that funds left unused lose purchasing power because of inflation. Bredou also recommended controlling expenses, avoiding lifestyle expense growth, and setting aside part of income for reinvestment.
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