How to make your money work for you

Everyone wants to enjoy life without stressing about money. The good news is, you don't have to work forever to have financial peace.

How To Make Your Money Work For You

You can make your money work for you. Here are five simple ways you, as a Ghanaian, can start:

1. Save smartly 

Saving is the first step. But instead of leaving all your money in a basic savings account, consider putting some in a fixed deposit or a high-interest savings account. Look for banks in Ghana thta offer good rates. Your money will grow while you sleep.

Use savings tools like mobile money savings platforms (e.g., MTN MoMo Save, Ecobank Xpress Save, or Fido Save), traditional bank savings accounts, or digital wallets. These tools help you lock away your money, track your savings, and sometimes earn interest.

2. Invest in treasury bills 

Treasury bills are one of the safest investments you can find in Ghana. You lend money to the government, and they pay you back with interest. It's a low-risk way to earn more from your cash compared to just saving it.

You can also explore Treasury Bills (T-Bills), which are safe government-backed investments. As of now, Ghana’s T-Bill rates are between 24% and 28% annually, depending on the duration (91-day, 182-day, or 364-day bills).

You can buy T-Bills through your bank or directly via the Bank of Ghana's online portal. Anyone with a valid ID and a bank account is eligible.

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3. Start a side business 

Use part of your savings to start a small side business. It could be selling food, clothes, offering delivery services, or even farming. Ghana has many opportunities. A business can bring you extra income without quitting your main job.

Invest in property and rent it out. Remember even a single-room house can earn steady income. You can also buy mutual funds or invest in the Ghana Stock Exchange (GSE) or even start a YouTube channel, blog, or sell digital products. Side businesses like drop-shipping, freelance writing, or even starting a small poultry farm are other ways to grow money passively.

4. Buy shares in companies

The Ghana Stock Exchange has many strong companies you can purchase shares in. By buying shares, you own a small part of the business. If the company does well, you can earn dividends, and your shares can increase in value.

In 2023, the best-performing stocks on the GSE included MTN Ghana, CAL Bank, and Fan Milk, which offered strong returns. To invest, open an account with a licensed broker like Databank, EDC, or UMB Stockbrokers. Start small, even GH?200 is enough to begin.

5. Learn a skill and monetise it

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Sometimes the best investment is in yourself. Learn a skill like baking, digital marketing, photography, or carpentry. With the right skills, you can start earning more money without waiting for a boss to promote you.

In today's digital world, your skills can be worth more than gold. Instead of just saving or investing, learn something new that brings money in. Platforms like ALX Africa, Udemy, Coursera, and Ghana-based sites like eCampus offer affordable or free courses.

Most in-demand and monetisable skills this year include: Graphic design Digital marketing Coding (Python, web development) Video editing Virtual assistance Once you learn a skill, you can freelance, start a side hustle, or even get international clients online.

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