A business development expert has called on Ghanaian youth to prioritize financial planning, skills acquisition and disciplined spending as key strategies for coping with economic pressures and avoiding debt distress in the new year.
Mr. Samuel Nayo, Chief Executive Officer of Courage Business Solutions, said a clear understanding of the difference between needs and wants was fundamental to sound personal financial management.
He explained that basic necessities such as food, clothing, shelter, education and healthcare were essential and non-negotiable, while many personal preferences fell under discretionary spending.
“You can survive without a watch, but someone may choose a GH¢1,000 watch instead of a GH¢20 one. That choice has consequences,” Mr. Nayo noted.
He stressed the importance of aligning expenditure with income, adding that regardless of how modest one’s earnings may be, proper planning remained essential.
Mr. Nayo cautioned young people against remaining idle without acquiring relevant skills or training, warning that such a situation could severely limit future opportunities.
“If you are not in school, not learning a trade and have no skill, then you are limiting your future,” he said, adding that practical skills were a critical pathway to income generation.
According to him, financial stability depended largely on one’s ability to exchange skills for income, rather than relying solely on hope or chance.
Touching on post-festive spending pressures, Mr. Nayo said he deliberately planned his December expenditures to ease the financial strain often experienced in January, including obligations such as school fees and household expenses.
“I itemized everything, protected my school fees money, planned for emergencies and lived within my means,” he said.
He further encouraged workers to explore additional income streams beyond salaried employment and advised small business owners to keep proper records and avoid consuming their business capital.
Mr. Nayo also urged Ghanaians to cultivate a consistent savings culture, no matter how small the amounts, and to manage debt prudently.
“Move from consumption to investment, expand your income and plan deliberately for growth,” he advised.
