Entrepreneurs advised to save with credible financial institutions

The Paramount Chief of Lower Dixcove, Nana Kwasi Agyemang IX, on Wednesday admonished entrepreneurs and businesses to utilize their resources judiciously by saving with credible financial institutions.

He entreated petty traders and entrepreneurs to investigate the credibility of financial institutions before transacting business with them so that they do not run at a loss.

Nana Agyemang gave the advice at the opening of an ultra modern office complex of GHAMFO in Takoradi to coordinate and administer its activities.

He commended the GHAMFO Investment Savings and Loans Limited for distinguishing itself as a credible financial institution over the years and offered financial support to women in particular to boost their trade.

Ms Elizabeth Tawiah, Chief Executive Officer (CEO) of GHAMFO, said the company had 15 branches in Western and Central Regions.

Some of the branches are located in Sekondi, Daboase, Aiyinase, Tarkwa, Agona Nkwanta, Dixcove, Mankessim, Simpa, Dompim, Akwidaa, kojokrom, kokompe, Essiama, Takoradi and Nsuaem.

Ms. Tawiah said the company started as a non-governmental organization in 2007, which trained women in batik, tie and dye, soap making, sewing and catering.

After sometime, the NGO developed into a micro support scheme and offered financial support to women to improve their businesses.

It later methaphosized into a  financial institution and offered services such as fixed deposit, loans, educator savings plan, old-age savings plan and kiddies savings plan to its customers, she said.

The CEO said the company aimed at ensuring financial independence to the needy and underprivileged in society.

Source: GNA