Madam Justina Owusu-Banahene, the Bono Regional Minister on Monday urged Ghanaians to be economical and avoid ostentatious living.
She said until people budgeted and lived within their means, there was no way they could save something for their future survival.
‘It’s not what you earn that makes you rich, but rather what you save,’ the Regional Minister told the Ghana News Agency () in an interview in Sunyani when she highlighted the purpose of announcing and publishing inflation figures by the Ghana Statistical Service.
Madam Owusu-Banahene explained the monthly publication of inflation rates were to guide the citizenry to budget and plan their expenditure ahead of time, saying with proper financial planning and management, people would be able to cope in times of economic difficulties.
‘The government publishes inflation rates to promote financial planning,’ she said, indicating the rise in inflation figures ‘tell us to also prioritize our needs over our wants,’ she said.
‘This implies that individuals and families cannot spend the same amount of money as they normally do because inflation affects prices of goods and services. So, there are times certain expenditures must give way to essential ones,’ The Regional Minister stated.
She underlined the need for everybody to adopt a prudent approach to personal finances, and to spend wisely by ensuring that their income matches their expenditure, saying ‘by aligning our lifestyles with our earnings, we can mitigate the effects of inflation for financial stability.’
Madam Owusu-Banahene said more ought to be done for Ghanaians to understand inflation trends and patterns to empower them to make informed financial decisions.
‘When the ordinary citizen understands inflation trends, it would empower him or her to spend wisely and meet daily needs no matter the prices of goods and services.’
‘If Ghanaians are able to budget based on inflation trends, they can navigate through economic challenges and improve on their financial well-being,’ Mad Owusu-Banahene concluded.
Source: Ghana News Agency