By Daniel Martey
Pandemics are not new to the health sector and humanity globally. They have killed millions of people, with economies going on recession, and inevitably laying off workers. But solutions will come shortly to curtail the current spread. In the past, it happened and it came to pass, so shall COVID-19. The Holy Bible says in Ecclesiastes 1:9 that, there is nothing new under the sun.
Lots of people survived many of such pandemics, but what lessons have humanity learned from the effects of these calamities on individuals, industries, Governments and entities?
The Informal Sector
In Ghana and most West African countries, the informal sector forms about 80 percent of the workforce and most of them are least educated. Most of them are hawkers along the streets and in the fronts of their homes. Hawking is done mainly at the lorry parks, under traffic lights, market centers and other places.
To list a few of them, there are Okada riders, iced water sellers, head potters (popularly known as Kayayei), petty foodstuffs vendors, and other vendors. How much do these petty traders earn in a day? My interaction with a few of them indicated that they earned between GHC60.00 and GHC120.00 on daily basis; but where do all these monies go by the end of the day?
If hawkers are financially educated to know how to manage their wages through savings and investments, at these emergency periods like the lockdown due to the COVID-19, they will not need any assistance from the Government of Ghana, friends, family members and other relatives.
Hawkers can create Emergency Accounts and save GHc5 to GHc10 a day which can support them during financial crises such as these times of the Coronavirus spread. Financially educated citizens who apply principles of financial management will not be found wanting during financial crises.
The Formal Sector
Ghanaians working in the formal sector complained of difficulty in living during the lockdown period. These complaints should not be expected as they could have created their Personal Emergency Funds which they could fall on for cash support.
I agree with the formal sector workers who complain that their take-home salaries do not take them home. Crisis and emergency times will definitely happen, no matter what people earned. It is said that not how much one earns monthly but what one does with what one earns that matters. Saving and investing 2 to 5 percent of one’s income for 3 to 5 years will be enough to create an Emergency Fund.
The Church
God is the provider of all things to His people. God has blessed the church with both human and natural resources and divine protection. Why then should most church leadership complain about lack of funds during the lockdown? If the church is going through challenging times, should we also blame the devil?
In these restriction times where offerings, tithing, donations, pledges, and thanksgiving offerings to the church have been quarantined, must the church stop running? In the prevailing condition, the church also needs to create an Emergency Fund to meet its needs, and to support the needy and the poor in society. With Emergency Fund in place, most churches will be smiling at the COVID -19 storm, just as Jesus calmed the storm and peace prevailed in Mark 4: 35 to 41.
Businessmen and women
Most businessmen and women are also shedding tears and worried during this COVI-19 era, due to lack of Emergency Fund. It is not only individuals that need this fund. A business that has been operating for the past twenty to thirty years should be able to stand to meet its financial needs during this period. Businesses should not depend only on loans from the banks; they can create this fund to cushion their businesses. It will give life back to the business with little or no loan from banks.
Sportsmen and women
The COVID-19 pandemic does not spare the sports fraternity. Football is one of the biggest industries that controls billions of dollars in the world. With the COVID-19 pandemic, cash flow has been affected as most games and events have been suspended or cancelled, Allowances and bonuses have been reduced for players due to lack of cash flow, and payments of players have been a challenge. During the rainy season for these players, how much have they invested to take care of this difficulty challenging times? The answer to this is the creation of individual Emergency Fund.
Pharmaceutical Industries
It is well with the pharmaceutical industries during this financial crisis period, but the question is: Are they also preparing for recession in case it happens? The local industries are producing Personal Protective Equipment (PPEs). It is their day. As life is full of ups and downs, my advice for them is to set aside some funds, to cushion them in the lean season.
Conclusion
Money management, which teaches how to earn, keep, grow and give out money, should be part of the school curriculum for our children who will be our future leaders. This will prepare them for worst times such as the COVID-19 era.
God bless Ghana, and together we shall overcome the COVID-19 very soon.
By Daniel Martey,
(Preacher, Author, Environmentalist and Money Management Coach)
Contact: 0545541820
Email: joestechpu@gmail.com
