By Caleb Kuleke
Ho, Dec. 19, GNA- VEReF Savings and Loans Cooperative Society (SLCS) at Peki n the South Dayi District of the Volta Region has held its annual review meeting to assess the financial performance of the Society.
VEReF Savings and Loans Cooperative Society is a community-based financial cooperative promoted by VEReF Development Network.
Members and management use the meeting to review the performance of the society, including loan repayment rates, savings growth, income generated from investments, and the overall impact on member livelihoods.
Professor Deodat E. Adenutsi, Executive Director, VEReF Development Network, said the assessment helped identify successes and challenges, such as poor record-keeping or non-compliance with rules, allowing for timely adjustments.
The review, he said, was crucial in ensuring the Society is on track to meet its mission, such as poverty reduction and improving household economic welfare among low-income households.
He said the annual meeting ensured that all financial transactions were openly reviewed, validated, and understood, which was vital for maintaining member trust and preventing misappropriation of funds.
Prof. Adenutsi said cooperative societies were key in enhancing development as they served communities, especially in rural or underserved areas where formal banking services were limited, by providing a platform to save money and access loans.
He said VEReF Savings and Loans Cooperative Society promoted the habit of regular, disciplined saving by requiring consistent contributions from members.
The Executive Director urged members of the VEReF SLCS to be bold, decisive and lived by the core values that underpinned the establishment of the Society, ensuring that their actions did impede its progress.
Madam Bridget Nuxoxo, Board Secretary for VEReF SLCS said the review served as a formal mechanism for members to oversee the management of their collective funds and future direction of the society.
She said the meeting provided a structured platform for comprehensive evaluation and strategic planning, disclosing that the Society was on a good track, and all members to do their part to ensure its success.
GNA
Edited by: Maxwell Awumah/Kenneth Odeng Adade