5 ways Ghanaians can avoid being broke in this economic crisis

Since the local economy took a downturn in 2020, it has been wobbling despite efforts by the government to put it on a sound footing.

Inflation on the other hand keeps skyrocketing and the monetary policy committee of the Bank of Ghana has increased the policy rate.

The increment also affects the interest rates financial institutions put on loans.

Businesses, that go in for loans at these high-interest rates end up factoring it into the cost of goods and services.

The consumer also bears the brunt of the hike in goods when shopping at the market or stores.

For Ghanaians to save some money in these tough times, a financial analyst, Joe Jackson, has outlined five guidelines in a Twitter post sighted by GhanaWeb Business.

Also, for people who want to resign from their workplaces, he advised Ghanaians to hold on to their jobs and continue receiving their salaries.

Jackson noted that it is always best to have multiple streams of income to fetch you some more money on the side.

Whiles adopting the savings culture, it is prudent to avoid taking loans and others that push them into debt.

Also, all unnecessary spending needs to end to avoid going low on cash.

Only essential items or commodities need to be bought and impulse buying needs to come to an abrupt end.

Below is the list of Joe Jackson:

The Ghanaian economy faces huge risks in the short term. Protect yourself by:

1. Reduce expenses - cut unnecessary spending

2. Hold on to your job and income

3. Find alternative sources of income

4. Keep saving

5. Avoid taking on debt

#BrokeGhana

ESA/NOQ

The Ghanaian economy faces huge risks in the short term. Protect yourself by:
1. Reduce expenses - cut unnecessary spending
2. Hold on to your job and income
3. Find alternative sources of income
4. Keep saving
5. Avoid taking on debt#BrokeGhanahttps://t.co/61vzQMRSfs

— Joe Jackson (@Joe_Jackson_GH) August 7, 2023