The Executive Secretary for the Ghana Association of Savings and Loans Companies (GHASALC), Tweneboah Koduah, has said his outfit is well positioned to withstand the current financial turbulence prevailing in the financial system.

He said despite the financial challenges, which had bedevilled the financial sector, GHASALC had played a strategic role in the economy with the crediting of more loan facilities, building the capacity of its employees, rolling out new products and taking customer experience to a new level.

“We are going to have more engagements with the banks, we hope to be involved in reforms in the sector and ensure the operational efficiency of our outlets,” he noted.

He made these remarks at the 13th Annual General Meeting (AGM) of the Ghana Association of Savings and Loans held at the Holiday Inn Hotel in Accra last Wednesday.

“A collaborative effort from the regulator and various stakeholders would be key to supporting the growth of the sector.

The association is working assiduously to improve its operations regardless of the current crisis,” he added.

The 13th AGM was on the theme “The Economic Outlook of Ghana-Opportunities and Challenges for the Savings and Loans sector”.

The Head of Banking Supervision at the Bank of Ghana, Osei Gyasi, who spoke on behalf of the Governor, urged members of the sector to comply with regulatory standards as the central bank continued with its effort in ensuring financial stability.

“The Bank of Ghana has observed with concern some increases in Non-Performing Loans (NPLs) and funding costs, which may sooner or later threaten the stability of the sector,” he said.

“It is imperative that prompt corrective actions are put in place to curb the rising trends in NPLs and divert the funding sources.

SOURCE: GraphicOnline