The Rhema Assemblies of God Co-Operative Savings and Social Services Society Limited (AGASSSCO) has held its eleventh Annual General Meeting (AGM) with a call on Ghanaians to cultivate effective and healthy savings culture.
Addressing the function at the main office of Rhema (AGASSSCO), Mr Charles Boateng, former Ashanti Regional Director of Co-Operatives, who was the Special Guest Speaker at the function, noted that in economic world expenditures always exceeds income.
“It is obvious that financial obligations always outweigh our incomes, however, a perfect man’s development rests on money, which is considered as the source of human comfort”, he said.
He has, therefore, called on Ghanaians to cultivate a healthy and effective savings culture in their attempt to withstand the shock of economic turbulence, since that is the right path to navigate.
This feat, Mr Boateng asserted, could be achieved by setting right priorities and doing away with unwanted expenditures.
According to him, credit and debit have always been part of human life, but he called for critical means to manage debt.
“Credit and Debt are part of everyday life – we must, however, take a critical look at how to manage debt. If debt becomes a recurrent event in our lives, it may be assign to lack of financial control in our spending, lack of savings or procrastination.
Touching on the theme: “Empowering Members to Measure Up Amidst Global Economic Instability”, he underscored that current economic condition haven been worsened by mankind, with so many challenges as a result of conflicts, adversaries, bitterness, hatred and certain circumstances among others.
He emphasised that the situation has been further exacerbated by the collapse of the extended family system.
Mr. Anyimadu Sampson Kwadwo, the Chairman of the Board Members of Rhema AGASSSCO, who read the Board of Directors’ report, disclosed that total savings recorded as at 31st December, 2022 improved from GHC 9,247,990.88 to GHC11,122,247.09 – representing 20.27% growth in savings.
According to Sampson Kwadwo, the total amount of loan portfolio as at December, 2022 was GHC 6,836,900.61 – indicating an increase of 6.50 % of that of 2021’s figure of GHC6,419,843.89.
