Business News of 2014-03-04

Shun consumption mentality - Albert Ocran

Motivational speaker and Chief Executive Officer of Legacy and Legacy, Mr Albert Ocran, has advised Ghanaians and the youth in particular to shun what he described as the consumption mentality and rather cultivate a habit of saving towards rainy days.

That, he said, will help provide a stream of financial resources to many people through which they can use to invest and/start businesses by themselves.

Mr Ocran, who is also the CEO of Combert Impressions, a printing house based in Accra, gave the advice at the National Convocation of the Springboard Road Show held at the Accra International Conference Center (AICC) on March 1.

The event, which brought together hundreds of young participants from all over the country, was the Greater Accra Regional version of the regional Springboard Road Show, which runs from February 1 to March 15.

The event is an annual initiative of Legacy and Legacy and supported by dozens of corporate institutions.

It serves as a platform on which young people are inspired through series of motivational speeches to make real their dreams.

This year's road show was under the theme 'repositioning.'

The Accra event was graced by Pastor Mensah Otabil, the General Overseer of the International Central Gospel Church (ICGC) with Mr Ace Ankomah, a Managing Partner at Bentsi-Enchill, Letsa & Ankomah, a law firm based in Accra, and Mr Albert Osei, the founder and Chief Executive Officer of Koko King as speakers.

Speaking on entrepreneurship, Mr Ocran, said many business ideas were aborted by lack of funds, a challenge he said could be solved if people embraced a saving culture.

"High income is not a guarantee for financial stability. It is the ability to save and invest that is the solution. If you are earning Ghc1,000 a month but fail to invest and someone earns Ghc100 but invests part of his/income, at the end of the day, the one who bests will be better off than the one who earns high," he said, and thus called people to resist the temptation to spend all their earnings without investing.

Mr Ankomah and the CEO of Koko King advised participants not to let challenges in live hold them down but work towards realising their dreams.

In addition to the motivational speeches, which were climaxed by the one from Pastor Otabil, there were breakup sessions where corporate institutions in the financial services sector advised participants on how to, among other things, make career choices, save towards starting their own businesses as well as make investment decisions.