Abura Dunkwa (C/R), July 5, GNA - The out-going National Chairman of the Credit Union Association (CUA), Mr Bless Darkey, has advised Ghanaians to cultivate a savings culture to survive the harsh global economic crunch.

Addressing the fourth Annual General Meeting (AGM) of the Abura-Asebu-Kwamankese District Teachers Cooperative Credit Union at Abura Dunkwa on Thursday, Mr Darkey said savings must not be regarded as a preserve for the rich. "One has to save a little of his income for the rainy day but not to wait for a surplus on his or her income before saving," he pointed out.

The out-going Chairman advised Ghanaians not to see life as a race for which they must struggle to overtake each other. "Just set yourself a purpose which would lead you to strive to save towards it," Mr Darkey said.

Mr Peter Afful, Chairman of the Board of Directors, said members' total shares had increased by 13 per cent from GH¢62,388.00 in 2008, to GH¢71,861.27 in 2009. He said the Association had granted loans amounting to GH¢514,044 in 2009 as against GH¢331,334 in 2008.

Mr Afful expressed concern about the high rate of loan defaults recorded by the Union and advised the defaulters to honour their obligation.

Mr Samuel Kofi Annor, Central Regional Manager of CUA who read the financial reports of the Association, said the Association's total income was GH¢72,317.45 in 2009 as against GH¢58,804.38 in 2008.

He said the expenditure stood at GH¢63,536.15 in 2009, as compared to GH¢40,306.02 in 2008.

Mr Annor said a net surplus of GH¢8,781.30 was made in 2009. Mrs Grace Adu Appiah, District Director of Education, advised teachers to have a positive perception about the teaching profession and to live above reproach. She urged them to know the difference between needs and wants to guide their expenditure.

Nana Acquah II, Sumankwahen of Nkusukum Traditional Area, who was the funding member of the Association in the District, recounted the problems they encountered when they decided to form the credit union to save teachers from the hustle of money lenders.

Nana Acquah, known in private life as Mr Joseph Egyir, said he lost his job as a teacher because of his determination to form the credit union. A plague of honour was unveiled in recognition of the good work of Mr Joseph Egyir and other members of the first Board of Directors.