GAPNEWS

GAPNEWS Ghana, 4th fastest growing economy in Africa - IMF                 President Akufo Addo GHANA, currently the 11 biggest economy in Africa, is expected to become the fourth fastest-growing economy in Africa this year, according to the International Monetary Fund (IMF). The West African country is expected to hit 7.6 per cent Gross Domestic Product (GDP) growth rate, from the projected 6.3 per cent GDP in 2018, the IMF said, adding “Ghana is an economic powerhouse in West Africa with a GDP size of approximately $51 billion.” Oil-rich Libya is expected to become the fastest growing economy in Africa with a GDP growth rate of 10.8 per cent this year. The North African country currently has a GDP of over $50.95 billion. Ethiopia and Rwanda, which was the first and second fastest-growing economies in Africa in 2018, are expected to grow at 8.5 per cent and 7.8 per cent respectively this year, making them the second and third fastest-g...

GAPNEWS How to Start Business  with No Money If you have ever dreamed of starting your own business, welcome to the club. Most people you talk to will have, at some point in their life, had some great business idea that they would “love to do…someday.”But they never get around to it. If you are reading this article, you are not one of those people. “Someday” is not good enough for you. You may still face the same obstacles, but instead of letting them hold you back, you look for a way around or through them. TheThe lack of money is one of the biggest things that holds people back from starting a business. In this article, we want to show you that it does not have to be an obstacle. With enough dedication and desire, this obstacle, just like every other obstacle, can be overcome. 1. Keep Your Job Keeping your day jobmay seem a little counterintuitive. For most people, the desire to start your own business is not to haveto clock in, to be your ownboss. Keeping your job i...

GAPNEWS Four deadly investment mistakes you must avoid. One of the best ways to secure your future is investing your money. Many people keep asking when they should start investing. Well, start investing your money right now. The earlier you start the better. While investing, avoid silly mistakes. Here are four deadly investment mistakes you must avoid. 1. Investing without a plan There are many people who invest just for the sake of it. Never invest your money without a good plan. Make sure you foresee where you want to be several years down the line. Once you are aware of your future plan, it will be easy to invest. 2. Not investing in your financial education Many people start investing without knowledge about money. This is one of the worst mistakes to make. Ensure you equip yourself with financial knowledge before entering the field. You cannot afford to get anything wrong at this stage in life. 3. Not matching investment style with your personal goals Make sure your...

GAPNEWS Starting A Business For The First Time? Make Sure You Avoid These 4 Mistakes. It’s no secret that we’re living in the age of innovation. Everyday entrepreneurs are setting out on their journey to hopefully create the next big thing. If you’re one of those entrepreneurs starting a business for the first time, you’re going to need all the help you can get. Luckily for you, many have tried and failed before you. Those who failed have also been kind of enough to share their experiences, in hopes that others don’t make the same mistakes. If you’re a first time entrepreneur, make sure you avoid these four common mistakes. Letting Fear Slow You Down Starting a business is definitely not for the faint of heart. As a first timer it’s very common to always ask yourself “what if”. What is your customers hate your product? What if you’re timing is off? You can come up with hundreds of these questions. Asking yourself these isn’t the mistake. The problem arises when you let doub...

GAPNEWS Four ways you're wasting money without even realising it

GAPNEWS If You Want to Retire in 10 Years, Do These 5 Things Now The decade before retirement is a critical time. Here's how to make sure you're on the right path. After 30-plus years of working and socking away savings, you can finally see retirement on the horizon. But it’s not time to coast just yet. The actions you take in the final decade before you quit working are crucial to getting the next phase off to a smooth start. Here are 5 things you must do now. 1. See if you’re saving enough. If you haven’t recently, take stock of where you are and where you need to be. For example, to replace 70% of your earnings by age 65, you’ll need to accumulate 12 times your pay at 65. But even if you’re playing catch-up, you can still make it to the finish line with what you need. Your choice: Seriously power-save, or work a bit longer while saving less. Say you have five times your income; you could sock away 33% a year for the next 10 years, or delay retirement 24 mon...

GAPNEWS High Corperate tax is affecting rural Bank in GHana. Rural and Community Banks in the country are calling for a review of the corporate tax which stands at 25%. The corporate tax on the annual income of therural and community banks was increased from 8% to 25% after the introduction of the new income tax Act 2015, Act 896 in September 2015. Managing Director of ARB Apex Bank Limited, Kojo Mattah said the increment is making the operations of the banks very difficult. “Corporate tax for rural and community banks was increased from 8% to 25% and the rural banks have been talking about it appealing to government to take a second look at it. “The reason being that it is affecting their operations especially in the difficult terrain that the banks operate,” he added. Kojo Mattah called on the government to reduce the corporate tax to allow the rural banks to use the difference to help their communities as part of their corporate social responsibility. The rural and commun...