About this module
Level 1 taught you to count your money. Level 2 teaches you to plan it, protect it and make it grow.
Who it is for. People who have finished Money Skills for Small Business (Level 1), or who can show the same skills, in any trade. National Proficiency II covers varied work, mostly routine, under limited supervision.
CTVET status. This module is not a CTVET curriculum. It follows CTVET's competency-based format so it can be put forward later. Whether CTVET has an approved money-skills unit was not verified.
Bridge from Level 1: what you already know
- Ponzi warning signs; check licences; never share a MoMo PIN; call 292
- Savings groups: three-lock box, shares, loans, social fund, share-out
- Cash book, two purses, a fixed wage, weekly cash count
- Costs, price with margin, simple break-even; 10% a month is 120% a year
- Business name, Modified Taxation Scheme, Assembly permit
- Disability fund, GEA, a one-page plan and request letter
Level 1 did not cover profit and loss, balance sheets, cash-flow forecasts, loan APR, pensions, insurance, VAT or full proposals. Level 2 does. It does not make you an accountant or tax adviser. For company accounts, audits and complicated tax, hire a qualified person.
How the module works
Each unit has learning outcomes, performance criteria, the range and the evidence your assessor needs. You are judged Competent or Not Yet Competent. Use your own trade's numbers, or a sample trade's.
Unit 1 · Keep proper books
Level 1 told you whether you made money. Proper books tell you where it went and what you own.
Competency standard
| Learning outcome | Performance criteria — the trainee… |
|---|---|
| 1.1 Keep a cash book | records every sale and cost the same day |
| 1.2 Work out profit | draws up a monthly profit and loss statement |
| 1.3 List what you own and owe | draws up a simple balance sheet |
| 1.4 Count stock | keeps a stock record and finds missing stock |
Range. One month of the trainee's own or sample records. Evidence. Cash book; profit and loss; balance sheet; stock sheet.
Profit and loss
Revenue is your sales. Cost of goods sold is what the items you sold cost you. Gross profit is revenue minus cost of goods sold. Take off other costs such as rent and advertising: what is left is net profit.
Balance sheet
A balance sheet is a photo of your business on one day. Assets are what it owns. Liabilities are what it owes. Equity is what is left for the owner. Assets = liabilities + equity.
| Assets | GH¢ | Liabilities and equity | GH¢ |
|---|---|---|---|
| Cash | 600 | Owed to supplier | 400 |
| Stock | 1,500 | Loan | 800 |
| Tools | 900 | Equity | 1,800 |
| Total | 3,000 | Total | 3,000 |
Stock records
Write stock bought, sold and left. Count the shelf each week: if the count is below the record, stock is missing (sold without a record, damaged or stolen). Keep the wage and two-purse rules from Level 1.
From cash book to profit
A tailor's month: sales GH¢4,200; cloth and thread used GH¢2,400; rent GH¢300; transport GH¢220; data GH¢60; permit share GH¢10; she paid herself GH¢800. (1) Gross profit? (2) Other costs? (3) Net profit before her wage? (4) What stayed in the business after her wage? A shelf started with 20 tins, 30 were bought and 38 sold; a count finds 10. (5) How many are missing, and at GH¢25 each, what is the loss?
Month-end books
- Write a month of cash book entries for your trade.
- Draw up the profit and loss and a balance sheet; check both sides match.
- Keep a stock sheet for a week and count the shelf.
Bring a receipt
Collect five receipts. Check each shows date, items, amounts and the seller.
Unit 2 · Cash flow, working capital and pricing
Profit is not cash. Many profitable businesses close because the cash ran out.
Competency standard
| Learning outcome | Performance criteria — the trainee… |
|---|---|
| 2.1 Forecast cash | builds a 3-month cash forecast and finds when cash runs short |
| 2.2 Manage working capital | calculates working capital and speeds up cash |
| 2.3 Price with your own wage | includes a wage and margin in a price |
| 2.4 Break even | calculates break-even and a profit target |
Range. The trainee's business or a sample. Evidence. Cash forecast; price list; break-even sheet.
Cash-flow forecast
A forecast estimates your cash for the coming weeks so you see a shortage before it hits. It has four lines: opening cash, money in, money out, closing cash. Many entrepreneurs track 90 days or more. One month's closing cash is the next month's opening cash.
| Jan | Feb | Mar | |
|---|---|---|---|
| Opening cash | 500 | 700 | 0 |
| In | 3,000 | 2,200 | 2,400 |
| Out | 2,800 | 2,900 | 2,900 |
| Closing cash | 700 | 0 | −500 |
Working capital
Working capital = current assets − current liabilities. The key items are cash, money customers owe you, stock and money you owe suppliers. With cash 600, stock 1,500 and GH¢300 owed by customers, less GH¢400 owed to the supplier, working capital is GH¢2,000. To free cash, collect debts early, hold less slow stock and ask suppliers for more time.
Price with your wage and margin
Markup is profit as a share of cost; margin is profit as a share of price. An item costing GH¢70 sold at GH¢100 has a markup of 43% and a margin of 30% (author's arithmetic). Break-even sales = fixed costs ÷ (price − cost of each item). Put your own wage in fixed costs. For a profit target, add it to fixed costs first.
Cash and break-even
(a) A dressmaker pays rent GH¢400, power GH¢80, phone GH¢40 and her own wage GH¢900 each month. A dress sells at GH¢150 and the cloth and thread cost GH¢60. How many dresses to break even? To earn GH¢450 extra? (b) In the forecast table, when does cash run out and by how much? Give two fixes.
My forecast
- Make a 3-month cash forecast for your trade.
- Mark the month with the least cash and write a plan.
- Work out break-even with your own wage included.
Slow season
Ask a trader in your trade which months are slow and by how much sales fall.
Unit 3 · Borrow wisely and beat loan sharks
A good loan helps you earn more than it costs. A bad loan eats the business.
Competency standard
| Learning outcome | Performance criteria — the trainee… |
|---|---|
| 3.1 Compare loans | compares loans by true yearly cost (APR) |
| 3.2 Check the lender | confirms a lender is licensed before borrowing |
| 3.3 Know borrower rights | lists rights under the Borrowers and Lenders Act |
| 3.4 Avoid traps | names the dangers of loan apps and informal lenders |
| 3.5 Plan repayment | shows repayment from forecast cash |
Range. Banks, microfinance, savings groups, loan apps, individual lenders. Evidence. Loan comparison; lender check; repayment plan.
The true cost
APR is the interest rate for a whole year. It lets you compare loans on one basis, though it can leave out some fees. Under the Borrowers and Lenders Act 2020 (Act 1052), lenders must tell you the interest rate, total amount and repayment schedule before you sign, and interest is calculated on an annual basis.
Watch "flat" rates. A flat rate is charged on the full loan even as you pay it down. GH¢2,000 at 6% flat a month over 6 months costs GH¢720 interest, and the real rate on what you still owe is higher than 6%. Always ask: "What is the APR, and what is the total I will repay?"
Know your rights
You can ask for a statement within 5 days; you must get written notice and 30 days to fix a default; your information stays private unless you agree; and security must be released within 5 days of full payment.
Licensed lenders and digital credit
- The Bank of Ghana's digital credit directive of 23 September 2025 set a GH¢2 million minimum capital and a GH¢10,000 limit per loan, with applications from 3 November 2025.
- Unlicensed apps had until 30 June 2026 to comply or face suspension. In September 2026 it named 20 unlicensed providers.
- Some mobile loans charge 6.9–15% a month, over 80% a year.
- The Cyber Security Authority reported unlicensed apps that put unrequested loans in wallets, took contacts and photos, then threatened and shamed borrowers. Never install a loan app that wants your contacts or photos. Call 292 if threatened.
Loan sharks and individual lenders
Ghana's Supreme Court has held that a lender without a licence may still enforce a loan, but a court can cut interest it finds harsh and unconscionable; in one case 52% was cut to 40%. Never give a Ghana Card, SIM, passbook or title deed as "security" to an unlicensed person. Never sign a blank paper. Current rates at licensed Takoradi lenders were not verified: ask three for the APR in writing.
Which loan?
You need GH¢2,000 for six months. A: licensed lender, 6% flat a month. B: your savings group, 5% a month on what you still owe. C: a stranger's app, 12% a month, wants your contacts. (1) Total interest on A? (2) Monthly instalment on A? (3) Interest on C at simple 12% for 6 months? (4) Your forecast shows GH¢300 spare cash a month. Can you afford A?
Loan check
- Take a sample offer and find rate, fees, total to repay and APR.
- Check the lender is licensed with the Bank of Ghana or a bank.
- Show from your forecast how you would repay.
Ask for the APR
Ask two licensed lenders for the APR and total repayment on GH¢2,000 for six months.
Unit 4 · Scams, savings groups, pension and insurance
Keep what you earn safe, and have something behind you when life goes wrong.
Competency standard
| Learning outcome | Performance criteria — the trainee… |
|---|---|
| 4.1 Spot investment scams | tests an offer against the checklist and checks the licence |
| 4.2 Grow a savings group | explains how a group scales and links to a bank |
| 4.3 Plan for old age | explains SSNIT and Tier 3 options |
| 4.4 Choose insurance | names the cover that fits a small trade |
Range. Ghana investment, savings, pension and insurance offers. Evidence. Scam test; group plan; pension and insurance note.
Investment scams
Menzgold promised about 7–10% a month and is accused of taking GH¢1.68 billion. DKM advertised 55% interest for two months before the Bank of Ghana closed it. In July 2026 the SEC warned against two unlicensed platforms, cautioned against schemes where earnings depend on recruiting, and told people to check a company's licence with the Commission first.
- Check the licence with the regulator, not with the seller.
- Never invest money you need for stock, rent or fees.
- No one can promise a high return with no risk.
- Do not recruit friends for a reward.
Savings groups at scale
Ghana had about 34,000 savings groups with about 850,000 members in 2021, and a government programme links groups to banks so members can build a credit history. A group can grow with a second cycle, bigger shares or a group bank account, keeping the three-lock box and weekly meeting rules. Agree changes with every member first.
Pension for the self-employed
SSNIT has urged self-employed people to contribute 13.5% of their income, for at least 12 months, to qualify. Tier 3 is voluntary, with tax relief and a tax-free lump sum at retirement. Registration steps were not found: ask a SSNIT office.
Insurance
- Ghana's law requires shops and business premises to be insured against fire, collapse, earthquake, storm and flood, with certificates inspected by the Insurance Commission and Fire Service. That article cites the 2006 Act; the Insurance Act 2021 (Act 1061) replaced it, so section numbers are not verified.
- Market fire, traders and small business policies cover fire, burglary and other risks; many traders think insurance is too costly. Premiums were not verified: get three quotes and read what is not covered.
My protection plan
- Test two real offers against the checklist.
- Write one page: how much you can set aside for pension monthly and which insurance you need.
Quote
Get a written quote from one licensed insurer for shop or stock cover.
Unit 5 · Register, tax and VAT
Pay the right tax from a clean record. Hiding income costs more later.
Competency standard
| Learning outcome | Performance criteria — the trainee… |
|---|---|
| 5.1 Use the Ghana Card as TIN | explains why the Ghana Card PIN is the TIN |
| 5.2 Choose a tax route | picks the right Modified Taxation Scheme route |
| 5.3 Know VAT | explains when VAT registration is needed |
| 5.4 Complete registration | lists each step and fee for the trade |
Range. Sole proprietors in Sekondi-Takoradi. Evidence. Registration file; tax note.
Ghana Card is your TIN
For individuals the PIN on the Ghana Card is the Taxpayer Identification Number. A TIN is free, and it is an offence not to have one as a taxpayer. Never pay anyone for a TIN.
Modified Taxation Scheme (MTS)
The MTS began on 1 July 2025 as a simpler way for small traders to pay income tax. The GRA page gives three routes:
| Route | Who | How you pay |
|---|---|---|
| Instalment | Average turnover over three years up to GH¢20,000 | Fixed amounts by income and activity |
| Turnover | GH¢20,001–750,000 | 3% of annual sales |
| Modified cash basis | Same band | Tax on earnings after expenses |
You qualify if you live in Ghana, earn only from your own business in Ghana and are not VAT-registered. Professionals, owners of several outlets and partners cannot use the first two routes. Register by the MTS app or a GRA office; pay by *880# or mobile money; bring a Ghana Card and digital address; file a simple return at year end. Instalment amounts were not verified: ask GRA. If your cash book shows high costs, the cash basis may cost less than 3% of sales.
VAT
From 1 January 2026 the VAT registration threshold for goods rose from GH¢200,000 to GH¢750,000, and the flat rate scheme ended. For services there is no turnover threshold: a business supplying taxable services must register within 30 days of starting. Ask GRA before starting a service business. VAT-registered traders cannot use the MTS.
Business name and permit
- Business name at the Office of the Registrar of Companies: about GH¢130 for a sole proprietorship. Company registration was not verified.
- Assembly permit: every business in Sekondi-Takoradi must register; unregistered businesses pay a 30% penalty; fees are due by 31 March. Check the current fee.
Which route?
Rahim's accessory shop sold GH¢18,000 last year (three-year average GH¢17,000). Ama's salon sold GH¢120,000. (1) Rahim's route? (2) Ama's tax on the turnover route? (3) A goods trader sells GH¢900,000: MTS or VAT?
Registration file
- List each step, document and fee for your trade.
- Decide which MTS route fits your sales and write your questions for GRA.
GRA visit
Phone or visit a GRA office and ask how a small trader registers and pays.
Unit 6 · Grants, funds and your proposal
Support goes to people with clear plans and clean records.
Competency standard
| Learning outcome | Performance criteria — the trainee… |
|---|---|
| 6.1 Name funds | names three support sources and conditions |
| 6.2 Write a proposal | writes a 2-page loan or grant proposal with budget |
| 6.3 Show your records | attaches cash book, forecast and price list |
| 6.4 Use support wisely | plans to track and report money received |
Range. GEA, NEIP, the Assembly disability fund, bank or microfinance loans. Evidence. Proposal; budget; evidence file.
Where to look
- Assembly disability fund. The 2026 allocation rose from GH¢225.3 million to GH¢438.5 million after the rise from 3% to 5%. It aims at assistive devices, skills training and start-up capital; direct cash is limited to verified needs such as medicines and school fees.
- Ghana Enterprises Agency (GEA). It ran a grant round for 150 businesses owned by persons with disabilities in 2023, applied for through an online portal, with business and money training included. Rounds open and close: check GEA's site. No current round was verified.
Never pay to get a grant. Real funds do not charge "processing fees" by mobile money. Call 292 if someone asks.
The two-page proposal
Funders read an executive summary, a needs statement, a project description, a budget and a cover letter; write the summary last.
- Who I am: trade, registration, tax status
- The need and what I will do, step by step
- Budget: each item, quantity and GH¢ price, my own contribution, what I ask for
- Records: cash book, forecast, price list
- Results I expect; a repayment plan (loans) from the forecast
Open a separate wallet for the money, buy what the budget says, keep every receipt and report on time.
My proposal
- Write a two-page proposal for a grant or loan you really need.
- Attach your cash book, forecast and price list.
- Present it; answer questions from "the funder".
Find a call
Find one open call for funding. Note who runs it, the deadline and what they need.
Unit 7 · Location, ideas and marketing
The right place and a clear message sell more than a lower price.
Competency standard
| Learning outcome | Performance criteria — the trainee… |
|---|---|
| 7.1 Test locations | compares two sites by cost, customers and break-even |
| 7.2 Plan business ideas | develops one idea or extension for the trade |
| 7.3 Market yourself | sets up WhatsApp Business and a Google listing plan |
| 7.4 Plan to grow | writes a one-page growth plan |
Range. The trainee's trade; Sekondi-Takoradi and nearby towns. Evidence. Site comparison; marketing set-up; growth plan.
Location settings that give good returns
- A busy road, junction or market where your customers already pass
- Near the people who need you and near suppliers
- Rent you can cover from break-even (Unit 2)
- Allowed by the Assembly: ask before paying rent
Business ideas and marketing
Ideas: sell the service around your trade (delivery, installation, repairs, training); bundle a starter pack; share a bay to split rent; sell to groups such as schools and savings groups; add a seasonal line for slow months.
- WhatsApp Business is a free app with a business profile, product catalogue and quick replies.
- Google Business Profile is a free listing on Google Search and Maps. Never pay anyone to "verify" you.
- Portfolio: photos of finished work (with permission) and reviews. Signage: your name, trade and phone number. Referrals: ask happy customers to recommend you.
Which site?
Site A: rent GH¢500 a month, 12 customers a day. Site B: rent GH¢200 a month, 5 customers a day. Each customer spends GH¢25, of which GH¢10 is profit before rent. Both open 26 days a month; power, permit and phone cost GH¢150 a month at each. (1) Profit before rent and other costs at each site? (2) Profit after them? (3) Which wins, by how much?
Accessibility
Ghana's Persons with Disability Act, 2006 (Act 715) is reported to give employers a tax rebate for hiring disabled people and to require working tools, though not always put into practice. The Assemblies' disability fund rose to 5% in 2026. These training suggestions are the author's: talking calculators for blind learners, large print and good light for low vision, picture instructions and visual signals for deaf learners, a desk with room for a wheelchair, and a helper for anyone who needs support.
Market and grow
- Compare two real sites with the maths above.
- Set up WhatsApp Business with three products; plan a Google listing.
- Write a one-page growth plan: location, idea, marketing, money needed and its source.
Count customers
Stand near a possible site for one busy hour and count passers-by who might buy.
Glossary
| Term | Meaning |
|---|---|
| APR | The cost of a loan as a yearly rate |
| Balance sheet | Assets, liabilities and equity on one day |
| Flat rate | Interest charged on the full loan for the whole time |
| Gross profit | Sales minus cost of goods sold |
| Margin / markup | Profit as a share of price / of cost |
| TIN | Taxpayer ID; the Ghana Card PIN for individuals |
| Working capital | Current assets minus current liabilities |
Logbook
Copy these pages into an exercise book. Your logbook is part of your assessment evidence.
- Unit 1: cash book, profit and loss, balance sheet, stock sheet
- Unit 2: cash forecast; break-even sheet
- Unit 3: loan comparison; lender check
- Unit 4: scam test; pension and insurance note
- Unit 5: registration file
- Unit 6: proposal and evidence file
- Unit 7: site comparison; growth plan
- Every homework, dated
Self-check quiz
- What is gross profit?
- Write the accounting equation.
- Why can a profitable business run out of cash?
- What is working capital?
- Cost GH¢70, price GH¢100: what are the markup and margin?
- What does APR tell you?
- Name two dangers of a loan app.
- What number do you call if a loan app threatens you?
- What does the SEC advise before investing?
- What does the Ghana Card PIN do for tax?
- What is the MTS rate for turnover GH¢20,001–750,000?
- Name five parts of a proposal.
Further reading and sources
Best next reads: the GRA Modified Taxation page; the SEC's public notices; the GEA website.
What this module does not cover: company accounts and audits, payroll and employer tax, company registration, import and export finance, shares and stock markets, and current Takoradi microfinance rates and insurance premiums (get written quotes).
Every source used in this manual is listed, with links, in the Teacher Copy.