A Chartered Accountant and Tax Advisor, Kingsley Adjenku-Hayford, has urged every individual Ghanaian to plant crops in their backyards when the rains begin.

According to him, these crops will come in handy for the individuals when there are hikes in the prices of foodstuff.

"Everybody must get into farming because look at the food prices. Let me suggest that the rains will be coming from March, April. We should make good use of our back yard. Please, let’s prepare our backyard for farming. Everybody must plant a crop this year. That’s the way to go," he explained to Roselyn Felli on Prime Morning, Tuesday.

Using himself as an example, he said he has a plantain farm in his backyard, which according to him has reduced how much he spends on the food item.

Speaking on how to develop a savings culture and where to invest, Mr. Adjenku-Hayford stated that it is necessary to be financially disciplined throughout the year

"A review of your expenditure and reductions will introduce savings naturally by also monitoring your taste and preference, and this year, financial discipline is very important. Stay within budget, stay within containment, and then you can save," he said.

Considering the current economic challenges, some people depend on loans for survival.

The Chartered Accountant asserted that before taking a loan, one must consider the kind of business they are engaged in.

"It depends on what business you’re in. It also depends on the kind of income levels and then the projects before you. You need to do a very good analysis of the project and then the cash flows that are coming and your ability to pay," he stated.

Once the individual is able to figure out the conditions, he said, "There’s nothing wrong with taking a loan."

He believes that the consideration of revenue measures creates opportunity for cash flows, which helps with borrowing.

The investment banker also encouraged people to seek financial understanding from experts before venturing into any investment agreement.