The Managing Director of EDC Investment Limited, a member of the Ecobank Group, Paul Kofi Mante, has urged Ghanaians to adopt a culture of consistently investing, saying financial freedom and long-term wealth creation are achievable through discipline and patience rather than salary alone.
According to him, many people focus solely on earning salaries without taking deliberate steps to make their money work for them, a situation that often leaves them financially vulnerable.
Mr Mante made the call at "A Day for Dad", a Father's Day buffet lunch organised by The Mirror, a brand of the Graphic Communications Group Ltd (GCGL) in partnership with the Labadi Beach Hotel in Accra, last Sunday.
Building wealth
Speaking on financial security, Mr Mante said wealth creation was not reserved for only high-income earners but was possible for anyone willing to invest regularly and consistently.
"Income pays your bills, but wealth buys you freedom. Your salary can make you comfortable for a month, but your investment assets can secure generations after you," he said.
Mr Mante stressed that financial security begins with the right mindset and requires deliberate planning for the future rather than relying solely on monthly income.
He encouraged workers to cultivate the habit of paying themselves first by investing a portion of their earnings before making other expenses.
Financial discipline
To achieve this, he recommended that individuals commit at least 20 per cent of their monthly income to investments.
He noted that many people increased their spending whenever their income increased, making it difficult to accumulate wealth despite earning more.
"There will always be pressure to spend more, but financial discipline is what creates financial freedom. Your salary should dictate your lifestyle, not your appetite," he said.
Mr Mante likened income to a fruit containing both food and seed, explaining that while one part could be consumed, another part should be preserved and invested for future growth.
"The fruit is what you eat, but the seed must be planted. If you consume everything you earn, you deny yourself the opportunity to build wealth," he explained.
He urged Ghanaians to avoid unnecessary competition and lifestyle pressures that often force people to spend beyond their means.
According to him, financial peace was more valuable than maintaining appearances.
"Financial peace is better than financial show. Don't compete with anybody," he advised.
Investment culture
Mr Mante also called on individuals to create what he described as a "money machine" by investing in assets that generate passive income over time.
He challenged Ghanaians to change the narrative that the annual revenue of a single company, such as Walmart in the USA, exceeds the GDP of about 30 African countries combined.
He said investment vehicles such as treasury bills, mutual funds, unit trusts, provident funds and stocks provided opportunities for individuals to grow their wealth steadily.
Drawing from practical examples, he recounted how a teacher who began investing several years ago had built substantial passive income, while remaining in active employment.
He also cited the case of an investor who exceeded an initial target of GH¢1 million and eventually grew his portfolio to more than US$1 million through consistent investment.
The EDC boss said one of the biggest misconceptions about investing was the belief that it required large amounts of money.
To address this, he noted that EDC Investment offered products which allowed people to begin investing with as little as GH¢20.
"We want to make investing accessible to everyone. The important thing is to start, no matter how small the amount," he said.
Mr Mante urged Ghanaians not to delay their financial plans, stressing that the best time to start building wealth was now.
Quoting an old proverb, he said, "The best time to plant a tree was 20 years ago. The next best time is now."
He encouraged individuals to take advantage of available investment opportunities and develop multiple sources of income to secure their future and improve their quality of life.
A Day for Dad
The event brought together fathers and father figures for a day of appreciation, networking, good food and entertainment.
Addressing the guests, the Editor of The Mirror, Doreen Hammond, said the occasion was designed not only to celebrate fathers but also to recognise the contributions of men who continued to shape families and communities through their sacrifice, guidance and unwavering support.
"We gather to celebrate fathers, grandfathers, stepfathers, uncles, mentors, guardians and role models whose sacrifices, protection, wisdom and love have helped shape families, communities and the nation at large," she said.
She expressed appreciation to the sponsors, Ecobank Ghana, Japan Motors Trading Company Limited, Woodin, Ghandour Cosmetics, Latex Foam and X-Men and the management of the Labadi Beach Hotel for supporting the initiative and promoting family values and community well-being.
Guests danced to live music by the Flame Fighters Band of the Ghana National Fire Service, Headquarters, under the leadership of ADO I Titus Ofori Arko.
They also won many prizes in a lucky dip. Guests also interacted with representatives of sponsoring organisations who shared messages on family welfare, personal development and financial security.
The Ghana National Association of Teachers (GNAT) took advantage of the event to honour a dedicated teacher whose commitment to education had transformed the lives of children on an island in the Ada area in the Greater Accra Region.
