Metascholar News Portal
- Economy , News
- January 22, 2025
- 229 views
- 3 minutes Read
6 ways to build financial discipline. (And reduce money stress)
Managing money stress can feel overwhelming, but achieving financial stability is within reach with the right strategies and discipline. If you’re caught in a cycle of earning, spending, and running out of money, breaking the habit and creating a secure financial future is possible. Here’s a step-by-step guide to developing financial discipline and living with less money stress. 1. Assess Your Current Financial Situation To make informed decisions about your finances, you first need a clear picture of where your money is going. Start by tracking all your spending every penny for a few weeks or a month. Use a spreadsheet, notebook, or financial app to categorize expenses into buckets like housing, groceries, entertainment, utilities, dining out, and transportation. This exercise will reveal patterns, such as overspending on restaurant meals or unused app subscriptions, and help you identify areas for improvement. 2. Build a Budget A budget serves as a roadmap for your financial journey. Using the data you’ve gathered, create a spending plan to allocate your money more strategically. A popular method is the 50/30/20 rule: Tailor this guideline to your needs and ensure every dollar is accounted for. 3. Automate Savings and Debt Payments One of the best ways to stay disciplined is to automate your financial goals. Set up automatic transfers to savings accounts and schedule debt payments to ensure they’re never missed. This method reduces the temptation to spend extra funds on non-essentials and helps you avoid late fees. Over time, automation builds a safety net for emergencies and accelerates debt reduction. 4. Avoid New Debt Financial discipline means controlling impulsive spending and avoiding unnecessary debt. To break the debt cycle, set aside a small amount in your budget (e.g., $50–$100) for discretionary spending. This prevents feelings of deprivation while keeping your finances on track. Additionally, adopt mindful purchasing habits by delaying major buys for at least 24 hours. Often, the urgency to purchase fades with time. 5. Monitor Your Debt Regularly Even with automated payments, staying aware of your debt is crucial. Check your credit card, loan, and line of credit balances every week or two. Tracking your progress keeps you motivated, helps you stay accountable, and reduces the risk of incurring unplanned expenses. 6. Be Patient with Yourself Financial discipline and habit changes take time. If you slip up and revert to old spending habits, don’t be discouraged. Revisit your budget, remind yourself of your long-term goals, and refocus on the benefits of…
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- Economy , News , Politics
- January 3, 2025
- 251 views
- 3 minutes Read
Akufo-Addo Challenges Mahama: Achieve 55% Debt-to-GDP Ratio for Economic Stability
President Nana Addo Dankwa Akufo-Addo has issued a strong call to opposition leader and former President John Dramani Mahama, urging him to make reducing Ghana’s debt-to-GDP ratio to 55% a top priority if he assumes office after the 2024 elections. This comes amidst mounting public concerns over the nation’s rising debt levels and the pressing need for economic stability. Speaking at a recent public event, President Akufo-Addo underscored the importance of fiscal discipline as a cornerstone of sustainable economic growth. He pointed to the challenges his administration has faced in navigating the global economic downturn and managing domestic fiscal pressures. The president expressed confidence that achieving a lower debt-to-GDP ratio would enhance investor confidence and create a more resilient economy. “The sustainability of our economy depends on strong fiscal discipline,” he remarked. “We have made significant strides in addressing economic challenges, and I encourage any future administration, including one led by my predecessor, to prioritize reducing the debt-to-GDP ratio to a sustainable level of 55%.” Ghana’s debt-to-GDP ratio, which currently exceeds 70%, has become a subject of national debate. Economic analysts warn that the high ratio limits the country’s capacity to finance critical development projects and manage debt repayment obligations effectively. Critics of the Akufo-Addo administration, including members of the National Democratic Congress (NDC), have argued that the government’s borrowing habits and alleged fiscal mismanagement are largely to blame for the ballooning debt. In response, the government has defended its fiscal policies, citing the impact of external shocks such as the COVID-19 pandemic and global economic disruptions. Former President Mahama, who is campaigning for a return to the presidency, has frequently criticized the current government’s economic record. In recent campaign speeches, he has pledged to implement measures aimed at restoring fiscal balance and reducing the debt burden. Mahama has pointed to his administration’s efforts during his previous term, highlighting achievements in infrastructure development and economic reforms. “Ghanaians deserve leadership that understands prudent economic management and prioritizes their welfare,” he stated at a recent rally. The NDC has unveiled plans for a comprehensive economic recovery program, which includes restructuring public debt, addressing unemployment, and combating inflation. These proposals, Mahama argues, will set Ghana on a path to fiscal health and inclusive growth. However, achieving a 55% debt-to-GDP ratio is expected to require bold and sustained efforts, including tightening government spending, enhancing domestic revenue mobilization, and negotiating favorable terms for debt restructuring. As Ghana prepares for the 2024 elections, economic policy…
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- Economy , News
- January 3, 2025
- 226 views
- 3 minutes Read
Economic Legacy and Transition: Akufo-Addo’s $8 Billion Reserve Handover to Mahama
Outgoing President Nana Addo Dankwa Akufo-Addo has revealed that he will be leaving behind approximately $8 billion in gross international reserves as he prepares to hand over the reins of power to President-elect John Dramani Mahama. Speaking during his final State of the Nation Address in Parliament, President Akufo-Addo emphasized this financial legacy as a testament to his administration’s commitment to sound economic management and fiscal discipline. The President highlighted the significance of the reserves in sustaining the country’s economic stability and resilience. “We are leaving behind close to $8 billion in gross international reserves for the new government,” he remarked, adding that these reserves would serve as a critical buffer for the economy, particularly in times of global economic uncertainties. This announcement, however, comes amid intense scrutiny of the economic policies implemented during his tenure, with critics pointing to persistent challenges such as rising inflation, increasing public debt, and high unemployment rates. President Akufo-Addo defended his administration’s economic track record, citing key initiatives aimed at driving industrial growth, enhancing infrastructure, and promoting economic diversification. He underscored that, despite the hurdles posed by global economic conditions and domestic challenges, his government has successfully managed to safeguard the nation’s financial integrity. According to him, the gross international reserves stand as a symbol of Ghana’s resilience and readiness to navigate future economic complexities. The announcement of the reserves has drawn mixed reactions from various stakeholders. While some have lauded the government’s ability to maintain such a significant reserve level, others have raised concerns about the broader fiscal challenges facing the country. President-elect Mahama’s team acknowledged the reserves as a starting point but emphasized the need for a comprehensive assessment of the nation’s finances to understand the full picture of the economic situation they are inheriting. The incoming Mahama administration has outlined an ambitious agenda aimed at addressing the country’s economic challenges. Among their priorities are creating sustainable jobs, reducing public debt, and improving social welfare programs to alleviate the hardships faced by Ghanaians. The nearly $8 billion in reserves will undoubtedly play a crucial role in supporting these initiatives, especially in stabilizing the economy and fostering investor confidence. As Ghana approaches the presidential inauguration, the state of the economy remains a central focus for citizens, analysts, and policymakers alike. The successful transition of power is expected to set the stage for the next phase of economic development, with both outgoing and incoming administrations pledging to prioritize the nation’s best interests. The…
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- Economy , News
- January 2, 2025
- 340 views
- 3 minutes Read
Why Do Ghanaian Cocoa Farmers Continue to Struggle Financially?
In Barekese, a farming community in Ghana’s Ashanti Region, midday brings searing heat as Philip Anane, a 50-year-old cocoa farmer, walks through his parched and struggling farm. Dried brown leaves crunch underfoot, and his crops appear pale, malnourished, and diseased. “I farm because it’s what I know it’s what we grew up doing,” Anane shares while inspecting the damaged leaves. Despite decades of hard work, he feels trapped. “I’ve invested all my money in this farm, but I’ve never gained. Every season, the money I make is less than what I put in.” After nearly 20 years of farming, Anane is losing hope. “There’s nothing to show for it. I have a family and want a better life for my children. Now, I’m considering selling this farm to private investors and starting something else,” he says, gesturing toward a small plot nearby that has been converted into a poultry farm. A Shared Struggle Across Ghana In Adankwame, another farming community in the Ashanti Region, Holiata Ibrahim faces similar challenges. Taught cocoa farming by her grandmother, Holiata has worked tirelessly for years, yet her income barely supports her family. “Farming cocoa is exhausting,” she says. “It takes years of investment before trees produce, and even then, the earnings are minimal. It feels like we farmers are working for others to profit.” Ghana’s Cocoa Industry: A Century of Unequal Returns For over a century, Ghana has been a leading cocoa producer, second only to Côte d’Ivoire. Cocoa farming employs over a million Ghanaians and contributes about $2 billion annually in foreign exchange. However, despite rising global cocoa prices driven by climate challenges and fertilizer shortages, smallholder farmers like Anane and Holiata see little benefit. The Ghana Cocoa Board (COCOBOD), established in 1947, regulates cocoa prices to protect farmers from exploitation. However, many farmers argue that the prices set by COCOBOD do not reflect the true value of their labor or cocoa’s international worth. According to Oxfam, up to 90% of Ghanaian cocoa farmers earn less than a living wage, with many surviving on less than $2 a day. This leaves them struggling to meet basic needs like food, shelter, and healthcare. Systemic Challenges and Farmer Inequities Ghana’s cocoa industry faces critical challenges, including low farmer incomes, labor rights issues, environmental sustainability concerns, and a lack of transparency. The tightly controlled market, where selling cocoa outside COCOBOD’s licensed buying companies (LBCs) is illegal, limits farmers’ agency. Under Ghanaian law, COCOBOD sets prices…
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- Economy , News
- January 2, 2025
- 162 views
- 3 minutes Read
CETAG Launches Nationwide Strike Over Unfulfilled Demands
The Colleges of Education Teachers Association of Ghana (CETAG) has announced an indefinite nationwide strike, citing the government’s persistent failure to address their long-standing grievances. The decision was made during an emergency National Council meeting held on Monday, December 30, 2024. CETAG emphasized that the strike action is a direct response to the government’s inability to fulfill its obligations despite numerous engagements and directives from the National Labour Commission (NLC). In a detailed statement, CETAG outlined the unresolved issues that have pushed its members to lay down their tools. CETAG highlighted significant delays in the implementation of arbitration awards issued by the NLC, including a compulsory award from May 2, 2023. This award mandated the migration of teaching staff in colleges of education onto the pay structure of their affiliate universities. However, this process has seen no progress 20 months after the directive was issued. The government has also failed to pay one month’s basic salary as compensation for all-year-round work performed by CETAG members in 2022. This payment, stipulated as part of the arbitration award, is yet to be made to staff in 42 colleges of education. Furthermore, new appointment letters, necessary for the migration of staff onto the affiliate universities’ pay structures, remain unissued. These letters were expected by October 2024 following staff audits and alignment with the affiliate universities’ schemes of service. CETAG also pointed to the non-payment of top-up book and research allowances for staff at Akrokerri College of Education for 2023, describing it as a blatant disregard for obligations. The statement additionally criticized the NLC for failing to enforce its own directives. CETAG claimed to have sent multiple letters urging the commission to compel the government to act, but these efforts have yielded no results. CETAG’s leadership has made it clear that their members will not resume work until all outstanding issues are resolved. The strike, they stated, is in accordance with Section 159 of the Labour Act, 2003 (Act 651). “Members of the union shall not under any circumstance return to the colleges to undertake any official duties, including teaching, supervision of project work, and macro-teaching, until the last pesewa is paid into our accounts,” CETAG declared. The strike action is expected to disrupt academic activities in all 42 colleges of education nationwide. Teaching, project supervision, and other critical academic functions will be suspended indefinitely, further exacerbating challenges within the educational sector. CETAG’s move underscores their frustration over the prolonged delays and unfulfilled…
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- Business , Economy , News
- December 29, 2024
- 203 views
- 2 minutes Read
Ghana Targets Single-Digit Inflation by quarter one 2026
Ghana is forecasted to achieve single-digit inflation by the first quarter of 2026, according to IC Research. This projection reflects a revised timeline due to challenges like persistent inflationary pressures, volatile forex conditions, and uncertainties in global policy impacting food and energy prices. Despite these hurdles, there are optimistic signs, including the recent stabilization of the Ghanaian cedi, which is expected to ease inflationary pressures. The path to this milestone has been marked by significant policy interventions. The Bank of Ghana has implemented strict monetary policies to manage liquidity and curb inflationary trends. These measures are crucial as inflation remains high, driven largely by increasing food prices and energy costs. Recent data indicates that food inflation continues to contribute significantly to the overall rate, highlighting the need for targeted strategies to address this sector. A key factor influencing inflation trends has been the exchange rate of the cedi against major foreign currencies. The cedi’s appreciation in recent months offers some relief, as a stronger currency reduces the cost of imports, including essential goods. This development is expected to complement existing efforts to stabilize prices and encourage economic growth. While Ghana’s return to single-digit inflation signals progress, it also underscores the need for sustained policy coordination and external support. The government must balance addressing structural challenges with fostering economic resilience. Factors such as global commodity prices, energy supply issues, and domestic productivity will play a critical role in determining the timeline for achieving and maintaining this target. Looking forward, economic analysts emphasize the importance of comprehensive strategies to mitigate inflationary risks and bolster confidence in the economy. Investments in agriculture and energy, alongside measures to improve productivity, will be crucial in ensuring that the country stays on track toward its goal. With its commitment to macroeconomic stability and growth, Ghana’s journey toward single-digit inflation could mark a significant turning point for its economy, providing a foundation for sustainable development. The achievement of this target by 2026 will also reinforce the government’s credibility in managing economic challenges and meeting long-term objectives.
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- Business , Economy
- December 25, 2024
- 254 views
- 2 minutes Read
Asante Gold Secures $500 Million Deal to Boost Bibiani Gold Mine Operations
Asante Gold Corporation has secured a significant $500 million Gold Forward Purchase Agreement with Fujairah Holdings LLC, aimed at advancing operations at its Bibiani Gold Mine in Ghana. This agreement includes a $100 million revolving financing facility to be disbursed over two years. The funding will be used to accelerate mining operations and support the completion of the sulphide treatment plant, which is a key part of the company’s expansion plans. The agreement is part of Asante Gold’s strategy to boost its production capacity. The company intends to increase its gold output to over 15,000 ounces per month by mid-2025, with the goal of enhancing the profitability and sustainability of its Bibiani operations. Asante Gold has been focusing on modernizing its mining infrastructure and expanding the processing capabilities at Bibiani, which is one of the richest gold mining regions in Ghana. Asante Gold’s President and CEO, Greg McCunn, expressed optimism about the forward agreement, stating that it will significantly strengthen the company’s position and support the growth of the Bibiani project. He emphasized the importance of such strategic partnerships in facilitating the company’s goals of maximizing production and ensuring long-term success. The financing deal comes at a time when global gold prices are experiencing fluctuation, but the potential for growth in Ghana’s gold industry remains strong. Asante Gold’s Bibiani mine is already an established operation, but with this new capital injection, the company expects to unlock additional value and improve operational efficiencies. The focus will also be on sustainable mining practices that can support both economic growth and environmental responsibility in the region. This forward purchase agreement is a milestone for Asante Gold, signaling a continued commitment to expand its presence in the gold mining sector while contributing to Ghana’s economy.
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- Africa , Economy , Politics
- December 21, 2024
- 479 views
- 2 minutes Read
Government Has Not Issued Financial Clearances Since December 7 – Information Minister Clarifies
The Information Minister, Kojo Oppong Nkrumah, has assured the public that the Ghanaian government has not issued any new financial clearances since December 7, 2024. His statement addresses concerns surrounding potential unauthorized financial activities during the transitional period following the recent elections. Oppong Nkrumah emphasized the government’s commitment to fiscal responsibility, explaining that all financial operations are being carried out transparently and in strict adherence to established protocols. “We remain dedicated to ensuring that the transition process is smooth and that no unauthorized financial commitments are made,” he stated. Financial clearance is a formal authorization issued by the government that permits agencies to recruit staff or incur expenditures within an approved budget. This process ensures adherence to fiscal management practices and prevents unplanned financial obligations. The minister’s remarks aim to dispel rumors and foster public confidence in the government’s fiscal management during this transition. He reassured Ghanaians that no actions have been taken that could burden the incoming administration or disrupt economic stability. With the transition to a new government underway, Oppong Nkrumah noted that halting financial clearances since December 7 was a deliberate step to maintain fiscal discipline. This decision is intended to ensure that the incoming administration has a clean slate to plan and execute its budget without any last-minute financial commitments. The government has urged citizens to rely on official channels for accurate information regarding financial decisions during this transitional period. This measure reflects a broader commitment to transparency and accountability, key elements needed to maintain public trust. As Ghanaians look forward to the policies of the new administration, the assurance of halted financial clearances serves as a reminder of the outgoing government’s dedication to ensuring a seamless handover of power. By prioritizing economic stability and accountability, the government is laying the groundwork for a smooth transition that supports national development.
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Senior Aide to Mexico City Mayor Gunned Down in Public Daylight Shooting
- May 21, 2025
- 1757 views
Passengers to Enjoy 15% Reduction in Transport Fares from May 24
- May 20, 2025
- 2300 views
“Three Dead After Heavy Rains Hit Adenta on Sunday”
Victor Amos
- May 19, 2025
- 3973 views
Deals worth $300bn signed with U.S, says Saudi crown Prince
- May 15, 2025
- 622 views
“Foreign Nationals Arrested by National Security for Illegal Gold Trading”
- May 14, 2025
- 534 views
