I heard a very funny comment on how the Ghanaian cedi was jamming with the US dollars, a marathon race of which the cedi cannot match up to. Since 2013, the economy has become relatively unfriendly to most Ghanaians. The sudden increase of fuel prices which triggers the increase of commodities on the market has made a lot of Ghanaians alert. Most business people especially those on the small scale sector have a lot to complain about when it comes to items not being patronised.
However, despite the economic down turn most businesses are still thriving. Unlike their other counterparts yawning in their shops, businesses like the Game and Shoprite at the Accra mall have people walking in everyday to purchase some items. Making some observations from a far, I realised that these shops have something that everyone needs. They are selling some items on Maslow’s physiological theory of needs – food, water, clothes, pillows, chocolates, vegetables, fruits etc. these are the basic necessities of life of which the people cannot live without. So in the face of economic challenges such as ours, these business will never cave in.
Now this is not to say that everybody should start a super market business – remember that not all their commodities are patronised, and some expiry dates so they also stand a big chance of losing. The point being raised is that there are certain businesses that will always stand the test of time. People should sit back and begin to think of such businesses that will serve as a backup when things turn for the worse.
Food, clothing, shelter these are some of the important necessities of life. While working in the corporate sector, you should learn a skill or two in one of these areas for a rainy day. Someday if the unfortunate happens, you can switch business while waiting for things to stabilise.
Recently it was reported that Anglogold Ashanti is laying off most of its workers because of operational challenges. This is not going to affect the livelihood of people but businesses as well. Relying on one particular business in the Ghanaian economy today is a risk that may not end well. You should have a backup plan for “what ifs” because you may not know when your source of income may be cut of suddenly.