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PressFreedomDayOnGMABC: Ghana is experiencing a trend leading to culture of Silence – Freedom of Expression programme

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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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PressFreedomDayOnGMABC: Ghana is experiencing a trend leading to culture of Silence – Freedom of Expression programme

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Freedom of Expression programme

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Programme Officer for Freedom of Expression Programme Muheed Saeed has waded into the claims that Ghana is currently experiencing a culture of silence.

According to him, there is some element of truth in the culture of silence assertion under the leadership of President Nana Addo.

Speaking in an interview on the special May Day edition of Happy FM’s Epa Hoa Daben show with guest host,Akosua Manu, he said “There is a trend that is leading to a culture of silence if we don’t take care. There has been a lot of complainants about hostility towards the media and critics of the government and these cannot be in a vacuum because we have had so many governments within the 4th republic and since the Rawlings regime we have never heard people so much complain about freedom of expression like we are seeing now.”

Freedom of Expression programme
Freedom of Expression programme

He also revealed that Ghana has to tread cautiously not to fall for the culture of silence tag. “So I believe that there is some element of truth in what is being said and it’s important we have to put it in check before we get into a situation where indeed there will be a culture of silence.”

His comments come after former AngloGold Ashanti boss, Sam Jonah insinuated that the country seems to be in a culture of silence.

Mr. Jonah, in his recent public lecture with Rotarians in Accra under the theme: Down the Up Escalator: Reflections on Ghana’s Future by a Senior Citizen, bemoaned that many individuals and civil society organizations that used to speak up against social ills have all gone mute under President Nana Akufo-Addo despite wanton corruption, killing and torturing of journalists, and rising moral degeneration in the Ghanaian society.

According to him, “we have elected governments since 1992 to steer our affairs. But the very nature of our democratic set-up is our undoing. The three arms of government are like a tripod. For stability, each leg must have enough strength to stand. In our system, one leg i.e the executive has more strength than the other two combined. In fact, the two seem to derive their strengths from that of the executive, thus weakening checks and balances. Any party that comes to power has absolute power to do whatever they want. The 1992 Constitution is the basis for the current democratic dispensation. It created a monstrous executive which looms large over the other arms of the governance structure, and for 28 years, we have failed to make any meaningful changes to strengthen our democracy. Actually, what we have is an “Executocracy” not a democracy. The President is supposed to appoint the majority of his ministers from Parliament. By definition, that makes Parliament a rubber stamp, because no MP in the ruling party will be able to stand up and demand accountability from the executive – they are all scrambling for positions! The Judiciary is no different. The President has a determining role in the appointment of all the judges of the Supreme Court including the Chief Justice. This festers the perception that the situation compromises the impartiality and independence of the judiciary. Indeed a large section of the citizenry believe that the judiciary is not impartial with 85% of Ghanaians in a recent Afrobarometer survey perceiving the judiciary as corrupt and ineffective.”

However, Dr Steve Manteaw Anti-corruption campaigner and chair of the Civil Society Platform on Oil and Gas, Dr Steve Manteaw rejected claims that Ghana is currently experiencing a culture of silence.

In a Facebook post, Dr Manteaw said he is able to speak his mind freely and if need be, the government contests him on his thoughts.

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