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Ghanaian waterways to be monitored with speedboats – Benito Owusu-Bio

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Running a small business is demanding. Each day presents challenges that can affect your cash flow, your customers, and your ability to grow. Amid these demands, it is easy to lose sight of long-term financial priorities. However, businesses that last are not only those with good products or strong customer service. They are often the ones with better financial habits. This article outlines seven essential points that will help SMEs manage their finances more effectively, reduce risk, and plan for growth. 1. Start with a Clear Financial Plan A good financial plan gives direction to your business. It helps you set targets, allocate resources, and make informed decisions. Start by defining your financial goals. These should be SMART - specific, measurable, actionable, realistic, and tied to timelines. For example, you should determine how much revenue you need each month, what level of production or service delivery is required to meet that target, and how you intend to achieve it. Once your targets are clear, you will need a working budget. A good budget helps you monitor income and expenses, manage cash flow, and ensure that your business remains on track. It also provides a basis for deciding what to prioritise and what to postpone. At its best, your financial plan should help you answer key operational questions such as what resources are required to operate or grow, where those resources will come from, what they will cost, and whether your business is in a position to take them on. Planning in this way reduces uncertainty and allows you to run your business with greater clarity and confidence. 2. Maintain Accurate Financial Records Accurate financial records are essential for any business. Whether you are managing day-to-day operations, planning for future growth, or applying for funding, clear and reliable financial information allows you to make sound decisions. 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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Ghanaian waterways to be monitored with speedboats – Benito Owusu-Bio

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Ghanaian waterways to be monitored with speedboats – Benito Owusu-Bio
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Benito Owusu-Bio, the Deputy Minister for Lands and Mineral Resources, has indicated that the government will release a number of speedboats to patrol and protect Ghana’s major rivers.

The deputy minister explained that it was a joint decision with the ministry’s leadership to launch a project to acquire “shallow used” speedboats to monitor the river banks of motorable rivers like the Prah and Offin.

“The boats will be present for monitoring and deterrence. The boats have already arrived and will be ready to launch within a week or two. It will be difficult to stop certain illegal activities on our river banks if we do not do this,” he said at the maiden Environmental Sustainability Summit organised by the Business & Financial Times’ (B&FT) 

Under the theme ‘The Socio-Economic Impact of Pollution on Natural Life

Mr Owusu-Bio believes that illegal mining is the most serious threat to our water bodies and their banks. Hence the purposes of the project will help to reduce the dangers to a negligible level.

He went on to assure Ghanaians of the government’s willingness to curtail and deter such actions that endanger our water bodies.

He added, “We cannot stop mining in Ghana. The best thing to do is to regulate their activities and ensure that they are carried out legally. The presence of these patrol speedboats is intended for this purpose. The correct goal is to provide alternatives for them and ensure that they do the right thing.”

The Summit is designed as an annual event and will engage government institutions and universities with focus on sustainability, and CSOs and stakeholders in the oil and gas industry.

Why environmental sustainability is key 

Recent data and figures on Ghana’s environmental sustainability performances continue to look bleak despite the efforts of government.      

Ghana, according to the Global Forest Watch, has lost a total of 1.41 million hectares of tree cover from 2001 to 2021 – equivalent to a 20 percent decrease in forest cover over the last twenty years, with 740 million tonnes of carbon dioxide equivalent emissions.

The report also indicated that the country’s deforestation rate is high and concentrated in the areas of high poverty, with land use changing from forests to agriculture lands and causing close to 92 percent of forest degradation.

Equally, data from the Ministry of Finance indicate that since 1900 Ghana has lost over 8 million hectares of forest cover, with almost one million hectares lost in the last few years.

Since 1960, average annual mean temperature according to the Finance Ministry has increased by one degree Celsius; average number of hot days increased about 13 percent, while the number of hot nights per year increased by 20 percent.

In 2017 alone, the effects of environmental degradation in Ghana, according to the MoF, was estimated at US$6.3billion.

Globally, an estimated loss of over 10 million hectares of tropical forests was recorded in 2020 alone.

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