Economic crisis: Buying locally produced goods a way to cut expenditure -Timothy Mugodi

Head of Corporate and Investment Banking at Stanbic Bank, Timothy Mugodi, has said Ghanaians can save some money if they patronize locally manufactured products amidst the soaring inflation rate and economic crisis.

The buying of the locally produced goods, he said, will help stabilize the economy.

Mr Mugodi, while speaking on Graphic Business-Stanbic Bank Breakfast Meeting in Accra on Wednesday, June 21, 2023, further entreated Ghanaians to be financially literate and adopt a savings culture.

The seeking of knowledge in financial literacy he stated will guide and shape both their personal and business lives.

He said, "We have to look at our monthly expenditure and see where we can cut, with inflation more than 40 per cent. Cutting our expenditure will also behove on us to patronise locally produced goods to help the economy."

"In every challenge also lies the opportunity. We must patronise locally produced goods if we have to develop the local industry. This will make the economy sustainable and viable," he noted.

Timothy Mugodi also advised that people venture into entrepreneurship by way of facing the harsh economic crisis.

ESA/FNOQ