The Commissioner-General of the Ghana Revenue Authority, Dr. Ammishaddai Owusu-Amoah, has encouraged Ghanaians to build a savings and investments habit to cushion their future against shocks.
Speaking at the 12th Annual General Meeting of the Ghana Revenue Authority Co-operative Credit Union, Rev Dr. Owusu-Amoah, urged the general public to try and set aside a percentage of their income to help insure their future.
According to him, falling on savings in uncertain times is more prudent than going for a loan.
“Savings gives you a layer of support in times of need or in unexpected circumstances. If you fail to save, you are always tempted to run to ‘loan shacks’ for loans with a substantial interest which can be expensive service. So I want to take this opportunity to admonish all Ghanaian workers to develop a habit of savings no matter how small your salary is”.
“As you save, you build the habit of converting your savings to investments. So you can earn significant interest on your money” he said.
Dr. Owusu-Amoah also said an increase in savings among citizens often translates into the growth of the economy.
“For us as a nation, savings is a source of wealth creation and that is where investments and other opportunities for growth of the economy comes from. Every economy that has a good habit of savings realises sufficient growth. “
He further advised small, medium and micro businesses to save profits earned from their businesses and also practice proper bookkeeping of funds. This, he said, will enable businesses to track revenue and pay tax returns on time. He further explained that businesses that fail to file their taxes on time and opt for a spread of tax liability effectively end up paying more due to the interest accrued.
On the improved performance of the GRA Co-operative Credit Union, Kwesi Essien, the treasurer for the union attributed the growth of the credit union to the consolidation of the various arms of the revenue collection agency which is now the Ghana Revenue Authority.
He also cited prudent investment decisions made by the executives and the board as one of the reasons for the growth in assets of the union.
He further encouraged all workers to join the union due to the enormous benefits one can receive by saving with union.
“What helped us was when we integrated Customs, Internal Revenue Service, VAT and the other revenue collecting arms. We gradually introduced the union to these divisions and we have since expanded across the country.”
“The benefits are enormous, the union has provided soft loans, mortgages, vehicular loans. Aside from that you will also earn interest on your investment”, he said.
The 12th Annual General Meeting of the Ghana Revenue Authority Co-operative Credit Union was held at the GNAT HALL on the theme: Building Sustainable Credit Unions To Withstand Disruptions.
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