Nicholas Ross
The Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ) GmbH, in collaboration with Golden Exotics has trained over 1,200 petty traders through some financial wellness training sessions.
The sessions, organized under the ‘Covid-19: Comprehension Pandemic Management for Employees, Families, and Communities’ project, were aimed at equipping petty traders with the necessary financing and accounting knowledge to keep their businesses afloat.
Traders from Asutsuare, Juapong and Torgormey were targeted and taught how to make, spend and save money while sustaining and growing their small businesses.
Shop owner at Torgormey, Faustina Kidi Gaku, shared how she would apply the lessons in the operation of her business.
“After today’s session, I am going to stop giving out items on credit to some people,” she stated.
Hairdresser at Juapong, Mawuse Gidi, expressed how her new knowledge on finances would help her efficiently manage her finances.
“I have learnt here how to separate my account so that my capital is not mixing up with my profit and how important it is to save a little of my profit somewhere for a rainy day while using the majority to recapitalize my business in order to grow it,” she said.
Senior Executive Director of KAST Consult and Trainer at the session, Nicholas Ross, advised the traders to take caution when going for loans.
“Don’t take a loan of GH¢200 with interest of GH¢100 when your profit is GH¢2 a day. The interest can break your business because whether you sell or not, the interest will keep growing,” he shared.
By Abigail Atinuke Seyram Adeyemi