Building Financial Independence in Ghana

During an X Spaces conversation with Maame Abrema Quarm, founder of Ladder, on the theme “Building Financial Independence in Ghana: Possibility or Pipe Dream?” Bredu emphasized that achieving financial freedom begins with clarity of vision and disciplined action

He said, “If you want to be financially free, you need to visualize where you want to be and look at where you are now. You need to have the end in mind and start working towards it. Make SMART goals and take the necessary steps to achieve them. Stay open to change and be ready to adapt.”

Mr. Bredu went on to caution against lifestyle inflation and overspending. “Many young people need to guard against overspending to live a certain lifestyle and instead develop the habit of proper saving. Pay yourself first before spending on other things. Downsizing also helps – find things you don’t really need and cut them out. Personal finances are personal; take time to evaluate your specific circumstances and figure out what works best for you on your journey to financial independence.”

Desmond Bredu also addressed systemic barriers, noting the need for structural improvements to enable financial independence. He stressed the critical role of financial literacy in shaping Ghana’s future and the youth.

“There are significant challenges that make it difficult for young people to access credit facilities to start businesses and grow wealth. These are structural issues that we must address as a country if we want to make financial independence achievable for the youth. We need to be more open to discussing finances. There should be extensive financial literacy programs to ensure that the upcoming generation makes informed decisions early, giving them a better chance to achieve financial independence.”

SIMS continues to champion initiatives that empower Ghanaians to take control of their financial journeys through education, tools, and tailored investment solutions.