President John Mahama recently allocated $1 million for establishing a Provident Fund for ageing musicians.
This follows the realisation that many people in Ghana's arts industry struggle to survive when they are old.
It mainly boils down to their failure to make hay while the sun shines with good investments that secure their future.
Today, YEN brings you a list of Ghanaian celebrities who used to be fabulously rich but are now broke.
1. Kwame Peace
The veteran actor is said to be living in abject poverty after robbers stole his taxicab which served as a source of income for his family.
2. William Addo
Life is so tough for the veteran actor that he had to launch an appeal for GHC10,000 to enable him undergo glaucoma and cataract surgeries on both eyes. President John Mahama was one of those who came to his aid with a GHC5,000 donation.
3. C.K Mann
The legendary highlife musician is said to be struggling to make ends meet. The 78-year-old's situation is worsened by a sickness that afflicts him. President Mahama recently donated GHC5,000 to help improve his welfare.
4. Charles Asampong Taylor
Charles Taylor was arguably the most popular Ghanaian footballer in the early 2000s. He was the richest and most sought-after footballer in the local league. Today, however, he is broke. He now works as a pastor.
5. Ofori Amponsah
One of the most successful and decorated highlife musicians ever produced, Ofori Amponsah made a lot of money during his glory days in the last decade. Reports say he mismanaged all the money he made and struggled to make ends meet. Although he denounced secular music and became a pastor, he recently released the highlife song Alewa.
6. Lord Kenya
One of Ghana's best rappers of all time, he was a crowd-puller during his glory days in the late 90s and early 2000s. He sold five albums, raking in a lot of money. Lord Kenya was believed to have indulged in cocaine which was expensive to acquire. He reportedly mismanaged his money and later became a pastor.
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