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Oppong Nkrumah lauds Akufo-Addo and Bawumia for transformative national and local developments

Tourism is a significant driver of Ghana’s economy – Kojo Oppong Nkrumah

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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. 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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. 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Tourism is a significant driver of Ghana’s economy – Kojo Oppong Nkrumah

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Oppong Nkrumah lauds Akufo-Addo and Bawumia for transformative national and local developments

Oppong Nkrumah lauds Akufo-Addo and Bawumia for transformative national and local developments

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Minister for Information, Kojo Oppong Nkrumah has charged Ghanaians, particularly the media ecosystem to amplify the effective efforts and interventions in Ghana’s tourism sector.

Speaking at the inaugural “Editors Forum” hosted by the Ministry of Tourism, Arts and Culture in partnership with the Ghana Tourism Authority, Kojo Oppong Nkrumah, shed light on significant interventions within Ghana’s Tourism sector as he described it as a crucial but often overlooked aspect of Ghana’s economic growth.

With the theme “Tourism: Policy, Progress, and Partnerships,” the forum resonated with the minister’s passionate call for collaborative endeavours to harness the enormous potential of the tourism sector in driving Ghana’s economy forward. “We grow more as a country if we take a lot more time talking about productivity. The more we tune attention and talk about productivity, the better we grow as a country and that is seen in the tourism space,” he said.

Kojo Oppong Nkrumah stressed that the genuine substance of economic growth is woven into numerous sectors, with the tourism industry playing a crucial part as he dispelled the myth that the economy is synonymous with finance.

He explained, “We are in a country where everybody thinks and sometimes even political parties and administrations erroneously think that the economy is equal to finance. The economy is rather the end product of various things, especially the tourism sector.”

Drawing attention to the tangible impact of tourism on the nation’s GDP, the minister highlighted that the tourism, creative arts, and hospitality sectors emerge as the third highest contributor, fostering a dynamic environment for job creation and income generation.

“If we look at the number closely from the tourism, creative arts and hospitality sector, it’s about the third highest contributor to GDP in our country. That means it’s the third largest sector in our country where there’s productive activities, where people are finding jobs, incomes and improve their own quality of life,” he emphasized.

He also emphasized the sector’s significance from a foreign exchange perspective and revealed that it is the second largest contributor.

“It is a very important sector and a huge contributor to our economic advancement. So the kind of interventions that has been going on in recent years are key to helping us move our economy from where it is now,” he added.

He further called for a united approach to harness the full potential of Ghana’s tourism, urging all stakeholders including the media and private sector to collectively work towards propelling Ghana’s economy beyond the confines of traditional financial avenues.

By: Jude Tackie

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