01. create your canvas (a square would be good)
02. create guides, vertical and horizontical
03 draw a circle from the middle of the canvas where the guides cross
04 save circle as path
05 type your text
06 right click on your text in the layers-tab and choose text along path
07 if not perfect, undo and change textsize until you get what you want
08 go to paths tab, choose selection from path
09 fill text selection with colour
10 create new layer underneath text
11 make a circular selection from midpoint, bigger than your text
12 fill with colour
13 deselect and make another circular selection, this time smaller - hit delete to get your ringshape
14 repeat for for text
tutorial for Inkscape:
http://www.youtube.com/watch?v=VwOYO9cAows