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CODA rolls out initiatives to support coastal communities

CODA rolls out initiatives to support coastal communities

February 23, 2022
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Many small businesses struggle in this area due to time constraints, limited expertise, or a lack of systems. However, proper record-keeping should never be overlooked. It supports internal decision-making, strengthens external credibility, and improves your ability to respond to opportunities or risks. Business owners can start by gaining basic knowledge of accounting principles and tools. Training employees in simple record-keeping practices also helps to build internal capacity. In some cases, it may be worthwhile to engage professionals who can help you put the right systems in place and prepare essential reports at a cost that makes sense for your business. 3. Choose a Banking Partner Aligned with Your Goals The right banking relationship can make a real difference to your business. A bank like Absa Bank is more than a place to keep your funds. It is a partner that can support your operations, guide your financial planning, and help you take advantage of growth opportunities. Begin by understanding your business needs. These might include working capital support, payments and collections services, or trade finance. Once your needs are clear, assess whether your bank offers the right mix of services, accessibility, and expertise. Your banking partner should make it easier to run your business, not harder. They should share your ambition to grow, be responsive to your concerns, and provide solutions that are tailored to the stage your business is in. A strong banking relationship will give you confidence and peace of mind as you build your enterprise. 4. Deploy Effective Payment Solutions Revenue is the foundation of every business and the way you go about collecting it is key. In today’s economy, customers expect fast, simple, and secure payment options. If your business only accepts cash, you may be turning away potential sales without realising it. Providing customers with flexible payment options is no longer a luxury. 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You may also wish to seek legal or tax advice at key points in your journey. Planning ahead for obligations such as annual tax payments or quarterly filings ensures that you are not caught off guard. Meeting your statutory responsibilities consistently is a mark of a well-run business. 6. Manage Your Risks Running any business involves risk. These risks may include delayed payments from customers, unexpected costs, economic downturns, or even natural disasters. For small businesses operating with limited resources, such events can be difficult to absorb. This is why risk management must be part of your financial routine. Start by identifying the main risks that could affect your business. Put in place basic measures to protect your operations. This could mean setting aside emergency reserves, purchasing insurance, or diversifying your income streams. Being proactive about risk does not eliminate uncertainty, but it helps you stay in control when challenges arise. It also signals to lenders, partners, and customers that your business is prepared and resilient. 7. Separate Business and Personal Finances It may be tempting to treat your business account as your personal wallet, especially in the early stages. However, failing to separate your business and personal finances can lead to confusion, tax problems, and credibility issues. As a business owner, you should pay yourself a fixed salary. Avoid withdrawing funds at random or covering personal expenses with business income. If you invest personal funds in the business, document it properly as a loan or equity contribution. Keeping your finances separate helps you maintain clear records, assess business performance accurately, and present your enterprise in a more professional light to partners, banks, and regulators. At Absa Bank, we believe that strong financial habits form the backbone of every successful enterprise. Our commitment is to walk with our clients and customers at each stage of their journey, providing guidance, tools, and solutions that help SMEs grow sustainably and with purpose.

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CODA rolls out initiatives to support coastal communities

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CODA rolls out initiatives to support coastal communities
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The Chief Executive Officer (CEO) for the Coastal Development Authority (CODA), Jerry Ahmed Shaib, has highlighted the achievement and the ‘story so far’ of the Authority since its establishment in 2018.

The authority since its establishment has implemented several initiatives and interventions in areas including health, education, water, sanitation, sports development, economic, and infrastructure.

Speaking during a press briefing on February 23, Mr. Ahmed Shaib disclosed that a total of 1473 project contracts have been awarded for execution covering the above-mentioned areas across the six regions including the Western Region, Western North Region, Central Region, Greater Accra Region, Volta Region, and the Oti Region.

According to him, the administration has seen the distribution of vehicles to Okada riders and subsidized outboard motors to fisher folks as well as the distribution of farming tools to farmers within the zone.

“The Authority through a strategic arrangement took delivery of some Bajaj Qute pro-poor vehicles and distributed some to Okada riders, who were our main focus and some commercial drivers. The intervention was based on a hire purchase agreement with beneficiaries and beneficiaries would tell you that it is a good deal. It was at 25,000 cedis and payment was made and a deposit of 5,000. As we speak if you own that vehicle, you only pay GHC 841 a month for two years then that vehicle becomes your vehicle.

The Authority has also procured and distributed over 3000NO subsidized Outboard Motors to fisher folks which included inland fishers. The rationale for the procurement and distribution of outboard motors at the subsidized price is to alleviate the plight of fishers and empower them to do better in the trade. The impact has been an improvement in the income and livelihoods. We had the directive of his Excellency to ensure that the fisher folks are taken care of in the manner that would help alleviate poverty within their sector,” he said.

Jerry Ahmed Shaib further hinted on the establishment of the CODA Credit Union and the CODA Health Train program which have focused on improving the lives of the coastal people with trade and in health.

“We also formed the CODA Credit Union. This is a non-profit financial institution controlled by its members. It’s a member-owned financial cooperative. The focus is on traders, fishers, commercial drivers, food vendors, hawkers, and small-scale farmers. The CODA Health Train program was also birthed which involves the provision of free health screening, medication, and surgeries for Fibroid, hernia, and other minor surgeries. So far, in collaboration with NHIA, free NHIS Card Registrations have been provided to over 100,000 vulnerable people in the zone,” he added.

However, the CEO reiterated the adverse impact of the Covid 19 pandemic on planned activities and projects among other challenges like “the non-availability of land and litigation of areas earmarked for projects,” facing CODA in its line of work.

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