Paul Kofi Mante, Managing Director of EDC Investments Ltd, has cautioned Ghanaians against taking quick loans for lifestyle comfort.
On the Financial Wellbeing Series Episode 2 on Thursday, he stressed that these loans are designed to address emergency needs, not to fund discretionary spending.
“You take these quick loans to handle emergencies, not for comfort. So you have an emergency, and you see, some emergencies come up, and if you don’t confront them immediately, it may mess you up.”
“Your spouse is not well, your mother is not well, it is an emergency, and you need to undergo some surgery, something needs to happen. You need some GHC 10,000 quick money. So you don’t take these quick loans to fund comfort and lifestyle. You take quick loans to deal with emergencies,” he advised.
“So if it is not an emergency, hold on and make sure that you make your assessment well before taking the loan,” he stressed.
He expressed concern over the growing trend of young people borrowing to maintain an expensive lifestyle, warning that such practices undermine long-term financial stability.
Mr Mante reiterated that loans should instead be used strategically for investments that generate additional income, ensuring repayment does not become a financial burden.
This advice aligns with broader calls for financial literacy, particularly in managing digital lending products responsibly. The second episode of the series is on the topic “Debt management in Ghana’s high-rate interest era.”
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