By Jerry Azanduna, GNA
Techiman, (Bono East) Feb. 20, GNA – Madam Mary Yeboah, the Acting General Manager of the Techiman Ebenezer Cooperative Credit Union in the Bono East Region has advised market women, traders, businesses and entrepreneurs to adopt the culture of savings.
She emphasised that with savings businesses in general would have future financial stability, and thereby withstand uncertainties and shocks, saying that the union had excellent products for customers, urging the market women and traders in the area to transact business with the union.
Mad Yeboah said with continuous savings, market women, traders, entrepreneurs and businesses could expand and keep their businesses running and thereby widen their profit margins, build strong capital base and thereby minimize over-reliance on loans.
Speaking to the Ghana News Agency (GNA) at Techiman, Mad Yeboah indicated that savings remained the surest way for business growth amid rise in inflation and economic uncertainties.
“Savings remain crucial for achieving long-term financial goals like owning a house”, she stated, saying that: “It isn’t just about setting aside money, but building a safety net for unexpected expenses and securing your financial future”.
Mad Yeboah noted that findings from a recent survey revealed that over 60 percent of Ghanaians had less than their one-month worth of living expenses saved”, calling on financial institutions to promote the culture of savings among businesses.
She said that with financial discipline everybody could save, and advised traders, businesses and entrepreneurs to set clear goals in automating their savings.
Madam Yeboah indicated that the Union achieved GHC29 million asset base in the 2024 and 2025 fiscal year, making GHC7 million profit within the year, saying that it also made a total profit asset of GHC254,000 and surplus profit of about GHC1 million.
GNA
Edited by Dennis Peprah/Kenneth Odeng Adade