Invest in naturally-profitable ventures not financial instruments – Abudu

A former chief economist at the Bank of Ghana (BoG), Dr A. O. Abudu, has advised young individuals to invest in “natural” profit-generating businesses, as a way of securing their future when they retire from active work...


A former chief economist at the Bank of Ghana (BoG), Dr A. O. Abudu, has advised young individuals to invest in “natural” profit-generating businesses, as a way of securing their future when they retire from active work.

He has, therefore, advised young people, in their early profession and careers, to: “Learn to know the difference between the fruit and the seed. You can eat the fruit but always try to find a way to plant some seeds for tomorrow”.

Dr Abudu, who was speaking about his new book titled: “How to prepare for a comfortable retirement” on Class91.3FM’s Executive Breakfast Show, told the host, Benjamin Akakpo that individuals thinking about long-term investments to generate income should find alternatives and avoid financial instruments.

“I have been in banking for almost 20 years. I don’t use financial investments for the future. I use real investments, for example, things that can grow on their own,” he stated.

Citing examples, he said investment in land is better “and if you are interested in agriculture, so much the better”. In his opinion, land appreciates in value with time and agriculture can yield “a rate of return of more than 100 per cent”.

Dr Abudu also cautioned the youth to invest in their health and desist from unhealthy lifestyles which later manifest as diseases during retirement age.

“I have been retired for more than 25 years but within these 25 years I have not been to any hospital at all, I don’t need to,” he added.

The human body is made to maintain good health automatically. Lifestyle is important and “you must invest in your life everyday”.

Dr Abudu also advocated an agency which should be set up by the government to attend to the needs of retirees.

“We should have some agency that has enough people who are well-trained to take care of the aged.”

He said there is a need for such trained professionals, especially in the provision of first-aid before any secondary treatment is administered to pensioners when the need arises.

The economist also admonished individuals to develop a hobby when young, preferably, a hobby that can generate some income. He pointed out that without a hobby, individuals are likely to die earlier than expected during retirement due to boredom.

“One of the most important elements of retirement is that you have more time … If you don’t use it well, boredom sets in and boredom is the one that kills people very early,” he stated.

He continued: “Many peoples’ jobs are their hobbies and their hobbies are their jobs and they die quickly once they retire because they have nothing to do”.

Source: Ghana/ClassFMonline.com/91.3FM



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