The Associated Teachers' Cooperative Credit Union Limited (ATCCUL) has held its annual general meeting with a call on members to regard savings as a matter of great sacrifice from the little income they earn monthly.

"It is a matter of postponing today's consumption to tomorrow. In order to be able to make that sacrifice we should always make savings the first budgetary item in our monthly budgets," General Manager of ATCCUL Bazaanah Ban'le Fidelis said.

"As individuals, we should be disciplined in our efforts to accumulate savings. This can be possible if we establish a definite purpose for which we save. With discipline and definite purpose in life, it should be possible for us to attain our life-long objectives irrespective of our income levels."

He advised members to establish definite annual goals and work to achieve them, saying: "With definite annual goals, we will always have the urge to save whether Controller makes the monthly deductions or not.

We will be motivated to pay our contributions by cash when the monthly deductions are not effected by Controller".

Mr. John Nyarko, the Metro Director of Cooperatives, said financial security is the ability to access funds during normal or emergency times; adding that there is need for one to plan for a gradual accumulation of funds for the development of his/her life.

"One cannot alleviate poverty or create wealth without cultivating the savings habit. When people have not developed the desire to grow socially and economically, the willingness to save to create wealth will be non-existent in their lives.”

He said the Credit Union Movement in Ghana believes that "although we cannot change the life of all people, savings habit must however be inculcated in the early stages of people's lives".

He said credit unions continue to offer access to affordable financial services for many individuals who otherwise could not have qualified for such assistance in the traditional banking environment.

He added that credit unions use savings as a tool for human development, because people can get themselves out of poverty if they are taught how to manage their limited financial resources and set their priorities right.

The Board Chairman of ATCCUL, Mr. Nkansah Agyei-Owusu, said the company experienced economic challenges in 2014, giving a high inflation rate that combined with a sharp depreciation of the cedi against major trading currencies.

"It's therefore dependent on the leadership to be more dynamic in the decision-making and implementation of policies, rules and regulations in tackling the emerging trend."