Deputy Superintend of Prisons (DSP) Silas Andoh-Prah, In charge of Communications at the Manhyia Local Prison, has said it is not prudent for one to start fresh businesses with loans from the banks, considering the high lending rates in the country.
He noted that soft loans from family members, trusted friends or personal savings is the best way to go.
DSP Silas Andoh-Prah was admonishing recruit officers of Course 121, who are wrapping up their six months on-field Para-military training at the Manhyia Local Prison in Kumasi on Monday, August 22.
DSP Silas Andoh-Prah, who also doubles as a senior Interpersonal Skills classroom instructor for recruit and Cadet Officers training stated, “On startups, I will never advise you, at this early stages of your life to go settle for bank loans, but rather talk to friends, trusted family members or better still be disciplined on personal savings so to take money from there for whatever business you want to venture into.”
The two hours session with the 24 recruits on financial literacy also touched on topics such as Budget, Personal Savings, Financial discipline and Investments.
He advises the recruits to take financial discipline serious as was the best way to keep them away from falling into the temptation of extortion at the prisons.
He reiterated, “Gentlemen, take this session with all the seriousness you can gather and if for nothing at all, remember I mentioned to you, financial discipline; thus how to draw your expenditure and spending, so not to fall prey to prisoners’ manipulation, which comes when they notice you’re broke.”
Be on the lookout for Ponzi Schemes
Commenting on Ponzi schemes, he said there are a lot of juicy investment schemes in the country that are too good to be true.
“So recruits should be careful not to fall for these antics for it can make one’s financial life miserable, considering the facts and history at hand,” he stated.
DSP Silas Andoh-Prah added, “ I hope you guys remember the DKMs, Menzgold, Tilapia marketing and a host of other juicy schemes that saw people running to invest their hard-earned savings and later going bankrupt after the said companies folded up. Some of these do well from the beginning until they can’t pay again and then disappoint clients.”
Revision of Curriculum
DSP Silas Andoh-Prah reiterated the need for the inculcation of financial literacy into the training models of the recruit training.
“I believe its time our prestigious training school add Financial literacy to our Courses so to spark financial discipline and self-reliance direct from the reformation square”, he stated.
The 23 recruits of Course 121 are the last batch of trainees that passed through the facility for their On-Field Para-military training that commenced in January 2022.