You are correct. In 2019, I visited GCB to withdraw some money for a project. The teller checked my salary and account balance and informed me that the bank could provide a loan for the project. I was excited and planned to return the following Monday to inquire about the loan process. However, I was later informed that I did not qualify because I worked for a private company, not the government. This led me to close my GCB account after 10 years of banking with them.
As for me the reason I’ve a bank account in this country is to keep my money safe somewhere from intruders. Taking a loan in Ghana is not even worth it, because you might never be able to pay it back due to our country economy situation with inflation running so high
Yes! that's true. Wise men only keep their money in the bank for just short periods or for transactional purposes only. I withdrawn all my money from the bank last February and opened a shop, and it's worth it. Only opening the shop just boosted my morale. The best saving is investing. Keeping money in the bank is like "invisible donation". The visible part is being able to access your cash. The invisible part is the interest that the banks earn after loaning it to other entities. You get tiny to zero of the interest, while the bank takes the bulk interest. The money would depreciate hard by the time you need it most.
Taking a loan in Ghana is not even worth it. Our country economy situation makes taking a loan risky. I used to take loans when I was abroad but I never do that in Ghana
Bro Kofi, i love your work so much and i learn a lot from you. You have a brand already. Register it as a corporation, be the CEO meaning you are a staff and take a salary. God bless you
I can confirm this is true.. The most these banks can do is use ur investment as collateral to get about 75 percent of ur invested money as loan.. The advise here is, as a non-salary worker, rather than just throw your money in your normal savings account, put it in treasury bills so u can access loan facilities by using your treasury bill as cash collateral.. Speak to your banker today before it's too late..
Bro, you really are a good professional serving your countrymen without reserve . I know you know what it is to voice this out, but don't worry, God is your Protector .
This is hard truth. I experienced this 8 & 10yrs ago. I nearly hate all the banks but later I understood the game. I rather use my money investment & make profits.
It's common for lenders to require borrowers to have a steady income from a job in order to qualify for a loan. They want to ensure that the borrower will be able to make consistent monthly payments.
Kofi, find yourself personal accountant (PA)that will preper you and your employees monthly pay stubs. That will help you and your employees in the near future when it comes to issues or matters like this.
Is more of the education system. Kofi did you have an accountant who kept proper books. If you had financial statements signed by public accountant then great. The cash flow and other analysis of your statement will determine if you qualify for a loan. A bank loan can be very great for companies. You know if the loan is rejected or approved you can ask risk department of a copy of the report and this can save you from losing that money .
I get your point but look, most of the billionaires you see owning companies and institutions are paid monthly salaries…majority of them even though they own and pay others. I think I now understand why…it’s to be able to access the loan systems of banks…some take as low as $1 a month…but their benefits are huge and mostly in shares…
It happens everywhere and is normal. Current account holders (Salary account) are permitted to have loan and not savings account. That's why they get more deductions on their account than Saving account.
Yeah, that means you haven't registered as a businessman. If you register as a business person and money goes into the business account, then you qualify to get a loan. Ghanaians don't want to pay taxes on anything. But wants everything for FREE. Advice people to open business account, but tell to run while no body is chasing you.
The system is just outdated. Register just a sole proprietorship abroad, open your business account and you can get loan base on your personal business income. Bank of Ghana needs to change those regulations.
I went to my bank to withdraw my own money, my own money oo, the told me the savings that was made that very day can't be withdraw and of course that was logical and they also told me I have to leave a setting amount in my wallet and it sounds logical to me as well. So I decided to withdraw less than half of my previous savings hmm I went to the bank with my susu book around 10:40 to 10:50 am finished everything and by 3:00pm I have still not gotten my money, only for them to tell me I should go and come back tomorrow. I really made them feel sorry and took all my money except the one I saved that day and some 30 cedis which I went back to withdrew it the next day. 😏
God forbid,my $180,000k and others is safely buried on my property somewhere instead of giving it to these useless banks to work with. Experience is the best teacher
@@paulinusnartey6844”The world is carpeted with evil.” You never open up on certain information on social media even when it’s from an anonymous handle. Nobody needs to know.
Banks are businesses. They use the deposit of their client to give to their customers as loans. That does not mean they shd give money to anyone whom they can't even gurantee in income to pay back. A lot of the people complaining will never pay back the loans....hence the high interest rate
We don't have banks in Ghana..what we do in ghana is called susu..real banking doesn't operate in ghana..cos real banks aims at improving the lives of it's customers regardless
Before leaving Ghana,I was a banker at GTbank,I used to help my customers do proper or smart investments on their money especially those that don't need their monies within couple of months. But right now all these banks in Gh are jokes.
Then I will ask for an amount that is more than what is currently in my account and see if they’ll give me.. cuz I currently have money in all my accounts
Yes very true, but the saving and loan does the same thing. I stopped saving with a saving and loan bank because I wanted a small loan for my business but i was refused. I got angry, took all my money and closed my account. They later came back asking me to came back for the loan and I told them am not taking it again. Is really annoying, because am not a salary worker. Don't understand, is not like you giving me the money for free. When I was saving huge money and you were using it, is was fine by the bank, money they dont even pay interest on.
How come you do not know this my brother,the bank is a business entity on it own so stop giving this advice, just change your system and pay yourself some salary and you will be fine
Kofi, l don't see any problem here,thats how is bn done in abroad. You need to be a salary earner before you can be given loan even if you save with them.
Kofi please educate yourself before you teach attempt to teach. You are misinformed. As someone said earlier you need to pay yourself a salary. Even Elon Musk draws a salary determined by the board of directors.
Somehow, this is the failure of the educational system. Ppl of Kofi's calibre should be well versed in these transactional issues. Woefully, students aren't taught such every day experiences, which should be part of a citizenship course. And obviously, Kofi didn't ask relevant questions at the point of saving his money. Conversely, the bank clerk didn't explain the intricacies of banking. It's almost universal - you need to be a salaried worker & based on your credit score, be considered for a loan! No need to run after listening, just put your house in order. Datsorr 🤷🏽♀️🤷🏽♀️🤷🏽♀️
Kofi, you made a mistake! As a legal representative of your company, you have to pay yourself monthly through your company as the (CEO) including income tax and have the paycheck records reflecting in your account as a salary worker! In this way you qualify for any loan from mainstream banks. @kofitv
You are correct. In 2019, I visited GCB to withdraw some money for a project. The teller checked my salary and account balance and informed me that the bank could provide a loan for the project. I was excited and planned to return the following Monday to inquire about the loan process. However, I was later informed that I did not qualify because I worked for a private company, not the government. This led me to close my GCB account after 10 years of banking with them.
As for me the reason I’ve a bank account in this country is to keep my money safe somewhere from intruders. Taking a loan in Ghana is not even worth it, because you might never be able to pay it back due to our country economy situation with inflation running so high
They did that to me too at ecobank. Yet they are taking our deposit wicked nation
Yes! that's true. Wise men only keep their money in the bank for just short periods or for transactional purposes only. I withdrawn all my money from the bank last February and opened a shop, and it's worth it. Only opening the shop just boosted my morale. The best saving is investing. Keeping money in the bank is like "invisible donation". The visible part is being able to access your cash. The invisible part is the interest that the banks earn after loaning it to other entities. You get tiny to zero of the interest, while the bank takes the bulk interest. The money would depreciate hard by the time you need it most.
Taking a loan in Ghana is not even worth it. Our country economy situation makes taking a loan risky. I used to take loans when I was abroad but I never do that in Ghana
Bro Kofi, i love your work so much and i learn a lot from you.
You have a brand already. Register it as a corporation, be the CEO meaning you are a staff and take a salary.
God bless you
I can confirm this is true.. The most these banks can do is use ur investment as collateral to get about 75 percent of ur invested money as loan.. The advise here is, as a non-salary worker, rather than just throw your money in your normal savings account, put it in treasury bills so u can access loan facilities by using your treasury bill as cash collateral.. Speak to your banker today before it's too late..
They given people haircuts and you talking about Treasury bill l will never do that in Ghana...period
@@alexokoh4655Tell him. Some people don't understand you can't do some things in Ghana. Better to invest in food business than buy treasury bill
Thank God for my British passport oo
Before you ask for loan, make sure your account is business account and not personal account.
Bro, you really are a good professional serving your countrymen without reserve . I know you know what it is to voice this out, but don't worry, God is your Protector .
If u have a company u need to sign contract between you and your company and be paying yourself through your own company, u can then apply for loans
Exactly, this is a no brainier..I wonder why people don't do that. Even Jeff Bezos explained years ago that he pays himself a salary
That’s true am 67 years I never save money in the bank,all I do is investments and am ok
What kind of investments?
Tell us some of the investments please
Tell me more
Guys check out stanbic bank (sims investment), old mutual, or even buy Fixed deposits, also I love working with cooperative unions
What kind of investments please?
Thank you for the education 🙏
This is hard truth. I experienced this 8 & 10yrs ago. I nearly hate all the banks but later I understood the game. I rather use my money investment & make profits.
God bless you Father 😊
Well it's the same in many western countries too..if you're a salaried Worker it increases your credit chances.
Tell them. It is a general procedure for banks. It is important for them to know that you get regular income as their loans could be repaid.
Bro absolutely correct ❤😅 it's very true
Woooow
Education 👏👏👏
Thanks bro kofi what you are saying is very good advice the bank are very wicked
RUN WHEN NANA ADDO IS CHASING YOU 😂
Thank you very much
Bra Kofi, is every where ooo.
this is very insightful
The truth hits Boss
It's common for lenders to require borrowers to have a steady income from a job in order to qualify for a loan. They want to ensure that the borrower will be able to make consistent monthly payments.
Kofi, find yourself personal accountant (PA)that will preper you and your employees monthly pay stubs. That will help you and your employees in the near future when it comes to issues or matters like this.
How does the pay stubs help with this?
Education ❤ thanks for the advice mentor
Bro you are right ✅️
i look up to you very much
Is more of the education system. Kofi did you have an accountant who kept proper books. If you had financial statements signed by public accountant then great. The cash flow and other analysis of your statement will determine if you qualify for a loan. A bank loan can be very great for companies. You know if the loan is rejected or approved you can ask risk department of a copy of the report and this can save you from losing that money .
For this one I salute you kofi
Thank God you've realised 😂😂
Yes is true am saving at NIB and i want there for loan,they didn’t give me some mean wile my account is very strong there
Hmmmmmmm thanks so much for your good work
Thank you bro Kofi
Thanks for ur advice
Exactly 💯
I get your point but look, most of the billionaires you see owning companies and institutions are paid monthly salaries…majority of them even though they own and pay others. I think I now understand why…it’s to be able to access the loan systems of banks…some take as low as $1 a month…but their benefits are huge and mostly in shares…
I faced similar situation in 2016
Its normal.They need to know how you can repay the loan.For a salaried worker,they believe the money will keep coming.Its security for them.
This one is like paying titles and collections to the church when you are need go to the leaders and see 😂😂😂
It’s the same process in the states
Civilization has not yet caught up to them
Same in the West, u need to have a regular income to get loan or mortgage. Would u lend people your money when u don’t have any guarantee?
This is a common practice in the USA you need a prove of income to get a loan
I invested in bitcoin back in 2020 and I have never looked back after 4yrs
Please advise me on bitcoin
@@appiahkwaw5484learn about it before you invest,there’s scam too
It happens everywhere and is normal. Current account holders (Salary account) are permitted to have loan and not savings account. That's why they get more deductions on their account than Saving account.
Yeah, that means you haven't registered as a businessman. If you register as a business person and money goes into the business account, then you qualify to get a loan.
Ghanaians don't want to pay taxes on anything. But wants everything for FREE.
Advice people to open business account, but tell to run while no body is chasing you.
The system is just outdated. Register just a sole proprietorship abroad, open your business account and you can get loan base on your personal business income.
Bank of Ghana needs to change those regulations.
Bro kofi, please what are some of the recommended investments????
I went to my bank to withdraw my own money, my own money oo, the told me the savings that was made that very day can't be withdraw and of course that was logical and they also told me I have to leave a setting amount in my wallet and it sounds logical to me as well. So I decided to withdraw less than half of my previous savings hmm I went to the bank with my susu book around 10:40 to 10:50 am finished everything and by 3:00pm I have still not gotten my money, only for them to tell me I should go and come back tomorrow. I really made them feel sorry and took all my money except the one I saved that day and some 30 cedis which I went back to withdrew it the next day. 😏
That is a bank low everywhere in the western countries. The bank needs Garantie.
God forbid,my $180,000k and others is safely buried on my property somewhere instead of giving it to these useless banks to work with. Experience is the best teacher
Know where you drop some important messages which should be a secret to you alone,the world is full of evil.
Tell him again bro @@paulinusnartey6844
@@paulinusnartey6844You're right 🎉
@@paulinusnartey6844”The world is carpeted with evil.” You never open up on certain information on social media even when it’s from an anonymous handle. Nobody needs to know.
@@paulinusnartey6844why ? Who is going dig his property take his money.
I have tried this same thing
And I was denied but I have my own company with workers but they didn’t give me the loan.
Please do a video about investment
Pls where is the best way I can invest my money
This happen to me last month is true paa Kofi my turn over was over 420,000 and I need 50,000 the bank didn’t give me. Is too sad
KofiTV, this sounds personal! Thanks for the advice 🙏
Banks are businesses. They use the deposit of their client to give to their customers as loans. That does not mean they shd give money to anyone whom they can't even gurantee in income to pay back. A lot of the people complaining will never pay back the loans....hence the high interest rate
We don't have banks in Ghana..what we do in ghana is called susu..real banking doesn't operate in ghana..cos real banks aims at improving the lives of it's customers regardless
Before leaving Ghana,I was a banker at GTbank,I used to help my customers do proper or smart investments on their money especially those that don't need their monies within couple of months. But right now all these banks in Gh are jokes.
@@Rough_Coins yes n that was banking..wins for customer and the banker..cos when they maximise their profit u also earn some commission
Please thank you
This mistake we do is we don't know the difference between money and currency
That’s why I stop saving at best point
Kofi it's already a law since 1992 constitution
If you're not salary worker you can't be granted loan
🏃♀️🏃♀️🏃♀️🏃♀️🏃♀️🏃♀️🏃♀️🏃♀️🏃♀️🏃♀️🏃♀️🏃♀️
And like i always said, banking is a scam
That's why zoom lion worker's, are still in the job, because they can access loan
Then I will ask for an amount that is more than what is currently in my account and see if they’ll give me.. cuz I currently have money in all my accounts
I really hope you know the implications of what you are doing on the banks
Yes very true, but the saving and loan does the same thing. I stopped saving with a saving and loan bank because I wanted a small loan for my business but i was refused. I got angry, took all my money and closed my account. They later came back asking me to came back for the loan and I told them am not taking it again. Is really annoying, because am not a salary worker. Don't understand, is not like you giving me the money for free. When I was saving huge money and you were using it, is was fine by the bank, money they dont even pay interest on.
Security And Regularity Of Income To Amortize The Loan... !!
Even in America if you can't provide monthly payments you can't get loans
How come you do not know this my brother,the bank is a business entity on it own so stop giving this advice, just change your system and pay yourself some salary and you will be fine
ɛnunu yɛ traditional elders intervention, the young men and women will not respect.
Here
🎉🎉🎉🎉
Kofi, l don't see any problem here,thats how is bn done in abroad. You need to be a salary earner before you can be given loan even if you save with them.
Kofi I took a JCA funding for machines. I would like to see u
Everything evil can be found in Ghana...very devilish
Kofi zip it , its nothing new ,theu will lend ur money to others om interest and make money on ur money
It’s normal everywhere in the world, if you don’t have prove of employment you can’t get a loan.
What about Kuwait?
kooo nie
Ghana banks,the people working there use the customers money to buy luxurious cars,houses and other things for themselves.
How?
My friend take your ignorance away who told you this didn't say anything you don't understand.
Savings and loans which are running away with our money, some will beat you . Another reason why people are running abroad.
Kofi please educate yourself before you teach attempt to teach. You are misinformed. As someone said earlier you need to pay yourself a salary. Even Elon Musk draws a salary determined by the board of directors.
Blame Bawumia the economist,he is the one regulating and giving policies to the financial institutions
It the same in the western world and everywhere. If you're a salary worker, you have a high chance but if it's savings then forget.
This is not a blaming problem. This happens everywhere in the world
Somehow, this is the failure of the educational system. Ppl of Kofi's calibre should be well versed in these transactional issues. Woefully, students aren't taught such every day experiences, which should be part of a citizenship course. And obviously, Kofi didn't ask relevant questions at the point of saving his money. Conversely, the bank clerk didn't explain the intricacies of banking. It's almost universal - you need to be a salaried worker & based on your credit score, be considered for a loan! No need to run after listening, just put your house in order. Datsorr 🤷🏽♀️🤷🏽♀️🤷🏽♀️
Kofi, you made a mistake! As a legal representative of your company, you have to pay yourself monthly through your company as the (CEO) including income tax and have the paycheck records reflecting in your account as a salary worker! In this way you qualify for any loan from mainstream banks. @kofitv
Thanks for your advice
Yes is true am saving at NIB and i want there for loan,they didn’t give me some mean wile my account is very strong there
Yes is true am saving at NIB and i want there for loan,they didn’t give me some mean wile my account is very strong there