Taking his turn on the Effective Living Series on Citi FM and Citi TV, an entrepreneur, Yaw Benneh-Amponsah, advised Ghanaians to make better decisions by investing towards their future as the world battles economic upheaval.
Commenting on the topic, “Where do I invest my money now” Yaw Benneh-Amponsah, outlined some four areas Ghanaians can invest their monies.
Investing in businesses: People should invest in businesses. Investing in businesses will create value for you in this economic crisis. In terms of investment, this is the best time to look out for opportunities where potential partners are likely to bring some skills that will boost your business.
Investing in yourself: Try to acquire a new skill, either in entrepreneurship or by schooling so that by the time the economy bounces back, you stand the chance of being ahead of your colleagues. Continuous learning is important for everybody, invest in yourself first by seeking higher education.
Have risk appetite: Hold your money in forex, and try to invest in USD. Control your money to yield a positive return. If it’s possible, buy FX [forex] and keep it to reap the benefits in future. More than 50% of Ghanaians’ problems will be solved if they ditch cedis for dollars. Try to invest in dollars to protect the value you have created through your sweat. Patriotism on an empty stomach is nothing. Don’t hesitate to trade in dollars to get some returns when the opportunity avails itself.
Real estate: It’s a good area to invest in, though it’s not as lucrative as generally people think. But you stand a chance of gaining more benefits in the future. Demand has gone down, so you build slower and not in a rush to save your money because those who buy from you may be paying in bits and your money will be locked up in debt. Buy construction materials in bits to save you from the burden of high prices in goods and services.
