In commemoration of International Women’s Day, which champions investing in women to accelerate progress, Dr. Dorcas Asaah Peprah, an Economics Lecturer at the University of Ghana, shares invaluable tips on effective financial management for women.
Dr. Peprah’s insights align closely with this year’s theme of investing in women to propel societal advancement. She emphasizes that effective financial management is a cornerstone of empowering women and fostering their socio-economic progress. By equipping women with the knowledge, skills, and resources to manage their finances effectively, it is an investemnt in their economic independence and empowerment.
Speaking with Univers Business, Dr. Peprah emphasized the importance of setting clear financial goals and diligently working towards them. She advised the use of disciplined budgeting, tracking all income and expenses, saving a portion of income—ideally not exceeding 20% and investing in assets.
The economist underscored the significance of diversifying investments and prudent debt management. While she advised women to avoid debt whenever possible, she acknowledged that if necessary, borrowing should be done cautiously. Dr. Peprah stressed on borrowing for investment purposes rather than for spending, ensuring that borrowed funds contribute to long-term financial growth rather than burdening the individual.
Dr. Dorcas Asaah Peprah’s insights serve as a guiding light for women seeking to navigate the complexities of financial management. By adhering to her advice and embracing financial literacy, women can establish a path towards economic independence and empowerment, ultimately accelerating progress for themselves and society as a whole.
Story by: Geliel Naa-Norley Kutorkor Kotey | univers.ug.edu.
