Credit Union calls for more savings

Mr. Adolph Yao Nugbey, Volta Chapter Chairman of Credit Unions, has said income earners need to save a fraction of their earnings. “Developing a habit of saving is the key to human development; it builds confidence, assists to build capital and creates financial security for unforeseeable situations,” he said.

Mr. Nugbey said this at the 17thAnnual General Meeting of the ECG Employees Co-operative Credit Union in Ho, under the theme “Savings today sustain tomorrow”.

Mr. Nugbey said Credit Unions provide the best savings option for low-income earners because “their services are designed to assist the poor, low-income earners and the less fortunate in both rural and urban communities”.

He said it is unwise to put off saving in times of inflation as “most Economists argue”, or as “many of us think savings to be made out of surplus money”.

Mr. Nugbey said the easiest excuse many people make for not saving is to misinterpret the Bible, where it says in Matthew 6:34 -- “Don’t think of tomorrow; tomorrow will think for itself”.

“All these are genuine excuses for not saving, but they do not exempt or protect you against problems, challenges and developmental gaps because those challenges are realities that cannot be skipped,” he said.

He said it is for this reason that the Bible in Proverbs 6:6 points out the industry and wisdom of the ant in preparing for a rainy day.

Mr. Nugbey therefore, advised low-income earners to have a purpose in life, because such purpose “creates incentive and motivation for saving” by encouraging one to give up some things of immediate minor satisfaction and put money aside to achieve one’s goal.

Mr.Nugbey advised Credit Union-members to build up their savings, take loans and resist the urge to withdraw from their savings or use such savings to re-pay loans they have contracted from their credit unions.

Presenting the Annual Report and Financial Statement, Mr. Stephen Norvixoxo, Board Chairman of the Volta ECG Employees Co-operative Credit Union, said there is need to open-up membership of the Union to “credible” non-ECG employees.

He said there has been growing interest among members to increase their savings, with the least individual monthly savings standing at 30 Ghana cedis and the highest at 700 Ghana cedis.

Total savings for the period under review stands at 955,763 Ghana cedis, with shares standing at 57,265 Ghana cedis.

Mr. Norvixoxo said there had been growing confidence in the Board of the Union, to the extent that, “all management teams from E.C.G Regional level are members of the Union”.

He said the total amount given as loans to members for the year ending 30th June 2013 stood at 444,592 Ghana cedis.

Mr. Norvixoxo said the Union has acquired land at Wayanu near Ho that is ready for distribution to members.

He said the Union’s office complex is 95 percent complete.

GNA