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African Games “Accra 2023” postponed to March 2024

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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. It is a necessity for growth and long-term relevance in a digital economy. Offer customers alternatives such as instant bank transfers, mobile money, card payments through point-of-sale devices, or more innovative solutions like Absa Mobi Tap to improve your customer experience and increase your reach. These methods reduce delays, enhance transaction security, and demonstrate professionalism. 5. Meet Statutory Obligations Promptly Every business has legal and regulatory responsibilities. These include filing and paying taxes, submitting Social Security and National Insurance Trust contributions, and meeting other sector-specific requirements. Complying with these obligations on time helps you avoid penalties and disruptions. It also builds your business’s reputation and improves your standing with financial institutions and regulators. To stay compliant, you should adopt a legal structure that suits your business model and goals. 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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African Games “Accra 2023” postponed to March 2024

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African Games “Accra 2023” postponed to March 2024
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The 13th African Games which was originally scheduled to be held in Accra this year has been postponed to March 2024 to allow for the completion and testing of facilities that would be used during the event.
The multi-sport event will still be called “Accra 2023” despite taking place between March 8, 2024, and March 23, 2024.

This was made known by the Coordinator of the African Union Sport Council, Dr Decius Chipande today at a press briefing in Accra.

Dr Chipande told pressmen that the Council after an inspection tour had received assurances from the Ministry of Youth and Sports and the Local Organizing Committee (LOC) of the Games that all the facilities that would be used during the event would be completed and tested by December 2023.

12 Olympic qualifiers

On his part, the Executive Chairman of the LOC, Dr Kwaku Ofosu-Asare said athletes and officials were expected to arrive in the country between March 5-7, 2024, for the games.

He also disclosed that 12 of the proposed 24 competitive sporting disciplines that will be honoured during the games will serve as qualifiers for the 2024 Olympics following approval by the President of the Association of African Sports Confederations (AASC), General Ahmed Nasser and the President of the Association of National Olympic Committees of Africa (ANOCA), Mustapha Berraf.

They include; athletics, basketball 3×3, badminton, beach volleyball, cycling and judo. The rest are swimming, tennis, table tennis, triathlon, volleyball and wrestling.

He said this would increase the value and marketing potential of the games because more top athletes would flock to participate.

Dr Ofosu-Asare also expressed gratitude to President Nana Addo Dankwa Akufo-Addo and all stakeholders for their invaluable support to the success of the games.

Concerns

Raising concerns about the new date, the President of the Ghana Athletics Association, Bawa Fuseini said the proposed date would be “highly unfavourable” to African student-athletes who would be participating in indoor events in the United States of America (USA).

Mr Fuseini stressed that if indeed the event was meant to assist African athletes to qualify for the 2024 Olympics then the date had to be reconsidered because it clashed with the indoor circuit in the USA which runs between December 2023 and March 2024.

Dr Ofosu-Asare assured that consultations would be held to resolve the concerns of the said athletes.

Source: Graphiconline

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