Christians urged to develop the habit of saving

Mr. Emmanuel Oduro Darko, General Manager of Ghana Co-operative Credit Union has urged Christians to develop the habit of saving since it helps to increase the financial strength of both the individual and family thus leading to economic development.

Mr. Darko said savings facilitated the process for establishing and expanding business ventures and helped in times of emergency and urged parents to open an account and invest in their wards’ education.

He made the call on Sunday in a sermon at a Global Evangelical Church service to mark the Union’s 7th Annual General Meeting in Mamprobi, Accra.

Mr. Darko said successes and failures are choices and it is the responsibilities of an individual to decide his fate, adding that Christians are empowered as children of God to believe to succeed.

He noted that every human being is created with a special gift from God and that it is the duty of Christians to identify those talents and capabilities and make good use of them.

Mr. Darko urged all to be satisfed with and appreciate the works of God and work towards achieving them for success and not be guided by the dictates of a secular society.

He said most people complain of low income because they have not planned well, stressing that poverty does not come from God since a poor person is someone without hope and admonished all to be wise and pray for God’s blessings.

Presenting the Audit Financial statement and Auditor’s report of Redemption Co-operative Credit Union for July 1, 2010 to June 2011, Mr Darko said its total liabilities and capital is GH¢277,435.67.

He announced that the total income for the union was GH¢60.394.73 while the total expenses are GH¢41,003.62 with total assets of GH¢277,435.67.

Mr. Sylvanus Mahu, Board Chairman of Redemption Credit Union, said the new Board of Directors together with the loans and supervisory committee was inducted into office in October 2010 to make the Union attractive to the existing and prospective members.

Mr. Mahu said Redemption Credit Union had a total membership of 622 as at October 2010, and that as at the time it took office the total loan outstanding was GH¢70,767.08.

He explained that by the close of the period under review, management has been able to recover 40.16 per cent totaling GH¢28,417.82 which left an outstanding balance of GH¢42,349.26.

Mr. Mahu noted that the Union was able to score “B” in the current rating of the Unions in Greater Accra, scoring 200 marks out of 240 and cited retrieval of loans granted to individuals and organizations as some of challenges.

He called for total co-operation and support from members of the credit union and appealed to their mother Union to help introduce new products to meet customers demand so as to remain competitive in the market.

Mr. John K. Nyarko, Metro Co-operative Director, urged the management board to take steps to improve the credit union’s performance in areas like income generation, gross financial margin and overall profitability.**