The Kasena-Nanakana East Municipal head Pastor of the Assemblies of God Church, Abraham Ayiakwo, has urged market woman, who form a greater part of membership in the Navrongo Assemblies of God Co-operative Credit Union, to desist from spending extravagantly and cultivate the habit of saving money for future.
He said it was not advisable for market women to lavish all their hard- earned profit on things that will not help in the growth of their businesses and families, adding that such needless expenditures “will kill the growth your business”.
He also noted that little expenses which hardly have impact on money as their deductions are unnoticeable have remained a great challenge to business folks. He therefore strongly cautioned the union members against the pattern of spending unnecessarily on little things.
“I like what Benjamin Franklin said, he said beware of the little expenses, a small leak will sink a great ship. So be careful how you spend. Beware of little expenses; a small leak will sink a great ship”. He repeated as he stressed on his caution.
Pastor Abraham Ayiakwo who was the guest speaker at the Annual General Meeting held in the auditorium of the Assemblies of God Church in Navrongo on Saturday, in his key note address advised members of the union to further invest prospects gotten from their savings in other to create financial cushions for their families and businesses in the future.
“Collect interest on your interest. When you collect your interest, don’t consume it; save it. Create a cash cushion. Save something so that it will cushion you in future.” He said.
He implored the cooperators to work assiduously for the union and persevere continuously to achieve constant improvement in their individual business ventures. To older and existing members, the guest speaker charged them to spread word about the invaluable financial assistance been enjoyed from the union. This he said will encourage others to join so as to beat up membership to enhance overall growth.
The Union’s Annual General Meeting is a statutory requirement by Co-operative decree that allows for Board of Directors to present to members annual audited financial reports, business plans and internal control policies. This years’ 5th Annual General Meeting (AGM) was themed: “With Savings, Your Dreams Thrive.”
It also among other things allows for collective discussion on new development proposals brought forth by the regulatory bodies for the efficient operation of the credit union.
Present at the meeting were member of the executive board, staff, heads of departments, members of the church and union, representatives from sister credit unions and other invited guest.
In his annual report, Chairman of the Union, Atanga A. Augustine, asked for a critical look at factors that continuously hinder the timely auditing of accounts of their chapter to allow for the organizing of annual general meetings within the financial year.
Mr. Atanga who was overwhelmed by the success of the credit union despite the litany of challenges the union has had to deal with since its inception 10 years ago ceased the opportunity to officially launch the 10th Anniversary of the credit union.
On the problem of load delinquency, Mr. Atanga entreated defaulters to pay up all loans sourced from the union. He announced that defaulters who will not repay their loans will be prosecuted.
“Processes have been put in place to prosecute all loan defaulters this very month of May, 2018. We would also employ the debt collection agents to engage the recalcitrant ones and collect our money for us”.
He called on all members to throw their support towards the growth of the credit union.
The Upper East Regional Manager of Credit Union Associations, Iddrisu Hamza, in a short address asked mothers to take advantage of the good policies the credit union offers in other to develop themselves and their businesses. He said women in our part of the world are great forces who have and continue to play a crucial role in providing for the family. He therefore called on all to give them more opportunities and support them in their daily businesses.
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