The Head of Corporate and Investment Banking at Stanbic Bank, Mr Timothy Mugodi, says citizens must adopt a savings culture during these harsh economic times to be able to sustain themselves and their needs.

He noted that to achieve this, Ghanaians must adjust their financial plans and rein in their expenditure to meet the current economic climate conditions in the country.

“We have to look at our monthly expenditure and see where we can cut, with inflation more than 40 per cent. Cutting our expenditure will also behove on us to patronise locally produced goods to help the economy,” he stated.

Touching on the topic, ‘What individuals and cooperations can do to survive the harsh economic realities” at the second edition of the Graphic Business/ Stanbic Bank  Breakfast Meeting at the La Beach Hotel in Accra, Mr Mugodi tasked Ghanaians to reduce their debt level and make good the opportunities that has emerged out of the current economic crisis.

“In every challenge also lies the opportunity. We must patronise locally produced goods if we have to develop the local industry. This will make the economy sustainable and viable,” he noted.

He encouraged Ghanaians to acquire other personal skills set aside from their jobs, and gain an upskill knowledge in any field of endeavour to complement their work.

“I will task individuals to seek knowledge in financial literacy and be financially literate to guide their personal and business lives,” he added.

Mr Mugodi also entreated individuals to take the pain in these harsh times to  consult with financial and economic experts to be advised on how to plan their finances.

He challenged Ghanaians to be steadfast and cultivate the habit of doing small businesses to come out of the harsh economic realities facing 
them.

SOURCE: GraphicOnline