Workers have been called upon to cultivate the habit of savings to augment their welfare during times of difficulty.
Mr Samuel Bananzi, Northern Regional Manager of Credit Union Associations (CUA), who made the call during the 25th Annual General Meeting of the Savanna Agricultural Research Institute (SARI) Workers’ Cooperative Credit Union Limited.
It was held at Nyankpala in the Northern Region on Thursday.
Mr Bananzi said savings were a good source of funding for individual projects and small and medium enterprises, and encouraged workers to save.
The 25th AGM was to render the accounts of the Union, elect new executive members amongst others.
Mr Bananzi said workers must do away with excuses that their income levels were too low to make ends meet, and engage in savings.
He gave instances where savings had been helpful to individuals and encouraged all categories of workers to join credit unions and save part of their incomes.
Mr Bananzi also called on managers of credit unions to render proper and regular accounts to members to win their trust and confidence.
Presenting the annual report, Reverend Dr Benjamin Ahiabor, Chairman of the Board of Directors of SARI Workers’ Cooperative Credit Union Limited, said the Union’s total assets jumped from GHc526,502.39 in 2010 to GHc654,203.71 in 2011.
Dr Ahiabor added that savings also increased from GHc414,616.19 in 2010 to GHc516,996.37 in 2011, while a total of GHc385,415.00 was given out as loans to members within the period under review.
He said some members also made withdrawals on their contributions amounting to GHc126,737.64 whiles under its risk management policy, the Union paid GHc13,077.48 to deserving members.
He said the Union also met all its financial obligations to both the zonal chapter and the National Credit Union as well as contributed towards the building of Credit Union Training Center at Kasoa in the Central Region.
He said the period under review also saw the membership of the Union grow from 383 to 401.
Dr Ahiabor complained about the failure of some members to retire their loans on schedule, adding steps were being taken to retrieve the loans from such defaulters.
He assured members of prudent management of their contributions and also thanked the management of CSIR-SARI for its support which enabled the Board of Directors of the Union to fulfill its core mandate. GNA