Savings & Loans companies profit soar

The total income of the Ghana Association of Savings and Loans Companies (GHASALC) increased to GH¢82,012 in 2013 from GH¢49,802 in 2012.

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

Eunice Brako Marfo, Executive Secretary, GHASALC who made this known, said the Association continues to record robust growth despite the economic challenges.

She said the Association delivered quality services to clients and achieved its key targets in 2013 in the financial industry.

Speaking at the Association’s Fourth Annual General Meeting (AGM), Ms Marfo said GHASALC was faced with many challenges in spite of its achievements, stating that funds from members’ dues were not enough to cover the activities of the Association.

She said the Association also faces challenges in organizing training programmes for its members to enable them offer quality services to clients.

Ms Marfo called for immediate measures to ensure that the secretariat functions effectively.

Emmanuel Owusu, President of GHASALC, said the membership of the Association increased last year, promising to improve the activities of the Association to lift its image both in Ghana and beyond.

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