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Lack of savings culture kills rural businesses

2009-12-22 21:06:30
This article has been read 863 times.

The Upper West Regional Minister, Mr. Mahmud Khalid, says lack of savings is a major challenge to the growth and development of businesses in rural communities.

"If our businesses are to grow whether small or medium scale, it is imperative we cultivate the habit of savings as part of our daily life".

He said it was only when people developed the habit of savings in the banks that they could access credits and other financial support from the banks to grow their businesses.

Mr. Khalid said this in a speech read on his behalf during the Second Annual General Meeting of shareholders of the Sissala Rural Bank held at Tumu.

He urged the bank to intensify its mobile banking activities and encourage the people to develop the spirit of savings.

The Minister said a combination of prudent financial management and fiscal discipline exhibited by government had so far resulted in significant macro economic achievements including the lowering of the inflation rate to about 16.9 per cent and halting the depreciation of the cedi against the dollar.

Government would continue to pursue its "better Ghana" agenda by engaging in strengthening the Rural Enterprising Project, Community Based Rural Development Project, and Social Investment Fund and to create other viable micro economic interventions.

Mr. Anthony Kunawie, Board Chairman of the Sissala Rural Bank, said the bank’s deposits grew at a rate of 56 per cent showing an increase from 378, 221.00 Ghana cedis in 2007 to 589,630.00 Ghana cedis in 2008.

The bank increased its loans disbursement to its customers by 31 per cent from 405,422.00 Ghana cedis in 2007 to 534,421.00 Ghana cedis and made a profit of about 13,327.00 Ghana cedis in the year under review.

He said beneficiaries of the loans cut across various sectors of the economy including agriculture, commerce, cottage industries and transport.

The bank, he said, would in the near future begin to provide support in education, health and sports as part of its social responsibility.


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