A Managing Consultant at a private Financial Company, Senyo Ernest Dzandu, has urged Ghanaians to cultivate the habit of savings and desist from the culture of borrowing in order to become financially independent.
According to him people who lack a savings culture, attribute borrowing to low income while others also put the blame on high cost of living and other commitments.
Speaking at this year’s Ghana Co-operative Pharmacists’ Credit Union’s Annual General Meeting in Accra, Mr. Dzandu observed that most young Ghanaian entrepreneurs have little or no experiences in managing money, as such they are forced to believe that attaining financial freedom is dependent on borrowing.
He entreated individuals to also adopt a savings goal or plan and not just continue to save.
The President of the Union, Richard Acheampong, was hopeful that the Union’s assets will grow by not less than 20-percent per annum also continue periodic training for management and staff.
He explained that this will enable them steadily improve on their orientation and performance with special focus on IT skills to enhance the Union’s digital drive.
Mr. Acheampong added that his ministration will also bring back the car loan product by repackaging it and making existing product such as shares and sinking fund to attract and irresistible.
He further stated that his administration will manage resources prudently to drastically reduce the Union’s expenditure and will put in place resilient and robust policies and systems to rapidly grow members’ investments and savings.
Mr. Acheampong was hopeful that the Union will continue to elect competent and dedicated members to serve the board and other committees for the fortunes of the Union will constantly be improved.
He disclosed that more educational and promotional programmes will therefore be channeled to both members and non-members on their various platforms.
The General Manager of the Union, David Guat, commended members and the Board of Directors for remaining strong despite measures taken by the Bank of Ghana to sanitize the financial sector.