Association of savings and loans companies happy with progress

The Ghana Association of Savings and Loans Companies (GHASALC) continues to record robust growth despite the challenging economic environment, Ms Eunice Brako Marfo, Executive Secretary of the Association, said on Tuesday.

Speaking at the Fourth Annual General Meeting (AGM) of GHASALC, Ms Marfo said the Association sustained its performance among the top ranks of the financial industry, delivered quality services to clients, and achieved its key targets in 2013.


She said GHASALC’s total income jumped to GH¢ 82,012.00 in 2013 compared to GH¢ 49,802.00 in 2012.


Similarly, total net surplus rose to GH¢40,749.00 in 2013 up from GH¢32, 269.00 in 2012.


Ms Marfo said notwithstanding these achievements, there were many challenges that confronted the financial industry at both the local and global levels.


She said even though the contribution of Rural and Agricultural Finance Programme (RAFiP) in both years had helped the association immensely, it was worth mentioning that future funds from members’ dues alone would not be enough to cover activities of GHASALC.

“The latter is evident, especially, where our total expenditure in 2013 exceeded the funds from member dues by GH¢514.00, whereby total operating cost is one per cent more than total revenue received in 2013,” she said.


The Executive Secretary also noted that the secretariat also encountered some setbacks in relation to the holding of training programmes for staff of member institutions to enable them to render better and quality services to clients.


She, however, called for short-term measures and other assets for the secretariat to function effectively in the ensuing years, where the secretariat is expected to operate at full cost with no subsidy.


Dr Papa Kwesi Nduom, a business consultant and politician, lauded GHASALC for touching lives at the grassroots to promote development.


He said savings and loans companies were good foundations and platforms, which reached out to the unbanked population and met their needs, particularly, for development.

Dr. Nduom, therefore, challenged GHASALC and all other financial institutions to find pragmatic ways and determine their segments of markets to specifically operate with strategies that would help boost the economic development of the country.


On issues confronting the banking industries, Dr Nduom observed that the folding up of micro-finance system all over the country was a major setback to the banking sector.


Mr Emmanuel Owusu, President of GHASALC, said 2013 was a successful year for GHASALC in terms of Association and membership, even though there were some problems between the association and the Kumasi Metropolitan Assembly.


He, therefore, pledged better improvement systems among other activities by the secretariat to help position GHASALC on a high pedestal not only in Ghana but on the global market.


“A solid Secretariat with sophisticated data base systems to help know the state of our sector members, among other effective measures, are what GHASALC is bringing on board to position and distinguish ourselves from the rest,” he said.