From Ghana to Rise: Eric Oduro On Building A Business and Investing With Rise.

“If I Had Kept All My Money In Cedis, Inflation Would Have Significantly Devalued It. My Name Is Eric, And This Is How I Make My #MoneyRise”

In this episode of #MoneyRise User Story, Eric Kwabena Oduro, our Ghanian user and a Mechanical Engineer turned entrepreneur, shares his journey from working at Nestle Ghana to founding a successful school transport service. He discusses the challenges of running a business in a tough economic environment and how prudent management helped him navigate the impact of COVID-19. Eric also talks about his decision to invest with Rise, inspired by his son, and how his investing journey has been so far.

Introduce yourself to us. 

My name is Eric Kwabena Oduro, a Mechanical Engineer by training. I used to work with Nestle Ghana Limited at the Tamale Factory until I went back to school for my master’s degree. After completing it, I decided to venture into entrepreneurship, which I’ve been doing for the past ten years since 2014.

What do you do as an entrepreneur?

I identified a business opportunity in my locality—a problem I wanted to solve by creating a business around it. My former apartment was in a new site, about 10 kilometres from the commercial city. It was a developing area, mostly populated by middle-class families, but lacked essential amenities like schools. Residents had to travel quite a distance to send their children to school, often struggling with unreliable and uncomfortable transportation options like commercial taxis and trotros.

Seeing this, I established a dedicated school transport service, picking up children from their homes and taking them to school, then bringing them back home. I started with one vehicle, and it was well-received. Within the first six months, I ran at a loss and had to put in my own money. However, I didn’t invest heavily upfront and started small with a personal car. Over time, the business grew—within a year, I purchased a minivan and hired an additional driver. As demand continued to rise, my wife joined the business to help manage it.

By the third year, we had a well-established business, transporting over a hundred children daily. Our fleet expanded annually until COVID-19 hit, bringing a significant downturn. The economic impact, including social distancing measures, reduced patronage. Despite the challenges, we’ve continued to operate and have not collapsed.

How has the journey been?

Working with children has always been a passion of mine. Even while working as a Mechanical Engineer at Nestle, I had a desire to do something for kids. Starting this transport service was fulfilling, but it wasn’t without challenges. The business environment where I operated wasn’t very friendly—poor road networks, high fuel prices, and maintenance costs were constant challenges. 

However, there were opportunities. People wanted a reliable service, and if you could provide that, they were willing to pay. Pre-COVID, the business was doing well, allowing us to purchase new vehicles annually, upgrading from minivans to 25-seater buses. But post-2018, particularly after COVID, the economic difficulties have made it much harder.

Despite the downturn, my priority has always been to sustain the business, even if it means breaking even or making small margins. Managing the business properly and not letting it fail is topmost priority.

What lessons have you learned from your years of experience as an entrepreneur?  

One key lesson is the importance of managing your business professionally and separating yourself from it financially. As an entrepreneur, you must avoid using business funds for personal expenses. I also learned that paying yourself a salary like an employee helps maintain financial discipline.

When COVID hit, our business was temporarily shut down, and we had no income for nearly a year. However, we managed to stay afloat and continued to pay part of our drivers’ salaries. This was possible because we had managed our resources prudently. The temptation to spend business profits personally is always there, but the key is to put those funds to good use and be prepared for unforeseen challenges.

Let’s talk about your investing journey on Rise; how long have you been using Rise?

I started using Rise in November 2023 after my son, Wesley, introduced me to it. He had just finished secondary school and was about to start university when he came across an ad for Rise and decided to try it out. Wesley has always been interested in investing and convinced me that Rise was different from the local investments we were already doing in Ghana.

He explained that Rise was dollar-denominated, which was appealing given the inflation and depreciation in our country. I did my research and, though initially sceptical, decided to give it a try after Wesley assured me that Rise was credible and different. I started small, and within two months, I saw positive results. Impressed, I transferred most of my local investments to Rise. As we speak right now, I no longer have local investments—Rise has become my primary investment vehicle.

How would you describe your experience on Rise? What has Rise helped you achieve since you joined?

It’s been exciting. When I started with Rise, the exchange rate was $1 to 12 cedis. Now, it’s over 16 cedis. If I had kept all my money in cedis, the inflation would have significantly devalued it. Investing in Rise has helped me preserve the value of my money. Even with the fluctuating exchange rates, my investment in cedi terms has increased while the dollar amount remains stable. Watching this has given me a lot of comfort.

The performance has been good overall, although my stocks have been in the negative year-to-date. Still, I’m hopeful they’ll recover, as I understand that past performance is not a guarantee of future results. I’m particularly satisfied with Rise’s credibility. I’ve made several withdrawals, and they’ve always been processed quickly, often faster than the stated time.

The affiliate program has also been a pleasant surprise. My son, for example, has earned commissions by referring me and his friends to Rise, and it’s been a good experience. One time, he excitedly called me from school to say he had gotten a $200 commission from the money I had invested.

That’s so good to hear. How likely are you to recommend Rise to the people around you on a scale of 1-10?  

I’d give it a solid 9 out of 10. My experience has been fantastic, and investing with Rise has allowed me to earn extra income while diversifying my portfolio, which is exactly what I was aiming for. So far, I’ve focused mainly on stocks, but I’m planning to expand into real estate in the coming year. Overall, I’m very pleased—Rise is an exceptional platform.

You too can be like Eric; protect the value of your money by signing up on Rise today. Click here to get started.