The Ghana Association of Savings and Loans Companies (GHASALC) has recorded a significant improvement in its financial performance, with total income rising from GH¢972,207 in 2024
The report indicates that the Ghana Association of Savings and Loans Companies (GHASALC) has recorded a significant improvement in its financial performance, with total income rising from GH¢972,207 in 2024 to GH¢1.84 million in 2025.
It further notes that the association’s surplus also increased from GH¢149,029 in 2024 to GH¢373,433 during the period under review.
Addressing stakeholders at GHASALC’s 16th Annual General Meeting, Board Chairman Dr. Fred Safo-Kantanka attributed the improved performance to the effective discharge of responsibilities by the board of directors and its various committees.
“I wish to commend my colleagues on the board and the members of the various committees for their dedication and commitment to the governance of the association,” he said.
According to the audited financial statements, membership dues increased from GH¢542,500 in 2024 to GH¢807,500 in 2025, while other income rose from GH¢429,707 to GH¢1.03 million.
Total assets also increased from GH¢690,621 to GH¢1.19 million, while the accumulated fund rose to GH¢1.00 million.
Dr. Safo-Kantanka, however, cautioned that the improved financial position must be matched by prudent financial management.
“These results are encouraging. However, financial performance must always be accompanied by financial discipline and accountability,” he stressed.
He stated the board would continue to ensure that the association’s resources are “prudently managed and deployed towards programmes and initiatives that provide value to members and advance the interests of the industry.”
Meanwhile, the chief executive of GHASALC, Tweneboah Kodua Boakye, says the association is repositioning itself to reflect the changing structure of Ghana’s microfinance sector following the Bank of Ghana’s reforms.
“The industry is changing. The regulatory framework is changing. The technology is changing. The customer is changing. And the Association must change with them,” he said.
Mr. Boakye stated that members have resolved to adopt a new name effective January 2027 to reflect the nomenclature that may emerge from the final regulatory framework.
He emphasised that the planned transformation goes beyond changing the association’s name.
“It is about repositioning the association to become the voice, knowledge hub, advocacy platform, and strategic partner of the new industry,” he said.
