The Ghana Association of Savings and Loans Companies (GHASALC), at its 8th Annual General Meeting (AGM) in Accra, has elected new National Council Executives to lead the Association for the next two years.

The members elected are Mr. Kwaku Duah Berchie, COO, Pan-African Savings and Loans, as Chairman and Mr. George Ofosuhene, CEO, Bond Savings and Loans Limited, as its Vice Chairman. Other members include Madam Amma Frimpomaa Dwumah, MD, SIC Life Savings and Loans – Secretary; Mr. Isaac Kweku Arthur MD, Equity Savings and Loans – Treasurer; Dr. Edem Bart Williams, CEO, Commerz Savings and Loans – Council Member; and Mr. Stephen Ameyaw, MD, Adom Savings and Loans – Council Member.

Mr. Kofi Ampofo Agyapong, outgoing Chairman and immediate past-MD, Best Point Savings and Loans, speaking at the AGM under the theme ‘Strengthening the Practice of Corporate Governance: The Role of Regulation and Practice’, said members of the Association must be committed in ensuring that corporate governance policy directive issued by the Regulator are strictly adhered to by all member companies as the Regulator prepares to introduce Basel II and Basel III in the Savings and Loans Sector to tighten its supervisory and regulatory role.

He expressed his appreciation to the Association’s entire membership and various stakeholders for the support during his tenure, and urged them to continue complying with the various regulatory requirements – and asked the Bank of Ghana to continue supporting the sector with relevant policies as well.

Mr. Kwaku Duah Berchie, elected Chairman of the Association – responding on behalf of the new National Council Executives, gave assurance that the Association and its members will continue to comply with the Bank of Ghana’s various regulatory directives.

He said the leadership and members of the Association will work together with Regulatory Bodies to ensure that the sector is more sanitised and depositors’ funds are adequately protected. He also emphasised that the new leadership will work to improve Corporate Governance among institutions, deepen capacity building, and establish funding options for the Secretariat and the Association in general.

Mr. Berchie further urged the public to continue patronising services of the various licenced Savings and Loans Companies, and said the Association is going to organise a series of engagements with the public – starting with its maiden Savings and Loans Month in September and October of this year.

Meanwhile, Mr. Tweneboah Kodua Boakye, Executive Secretary of the Association, said some of the activities lined-up during the Savings and Loans Month include media engagements, a symposium, health screenings, a sports fiesta and a national recognition night.

The Savings and Loans Association is the umbrella body of all the licenced Savings and Loans companies in Ghana. It is currently made up of all the 37 licenced Savings and Loans Companies serving over 3.2 million clients in about 1,084 business outlets in all the 10 regions of Ghana.