A Marketing Officer of the Building and Road Research Institute (BRRI) of Ghana, Mr. Benedictus Ofiri-Atuahene, has cautioned would-be investors in the country to do a background check of institutions before investing their capital with them.
He explained that such investors should not allow huge interest on returns and gift alone, to deceive them to do business with such institutions since it could be a scam which could lead to them losing their entire capital after a few months or years operating with such business.
Mr. Ofiri-Atuahene said “you must first check from the Bank of Ghana, which is the regulator of all financial institutions to find out whether the said institution was registered as well as its track record in the business field could be a good guarantee before committing your resources to them”.
Mr. Ofiri-Atuahene gave the caution at the 21st Annual General Meeting of the Saint Paul’s Co-operative Credit Union in Kumasi.
The former Marketing Officer who was a Guest of Honour at the AGM appealed to people to adopt good savings habit and should not wait till they earn huge sums of money before developing the culture of savings but start with any little amount they might have.
The Outgoing Board Chairman of the Credit Union, Pastor Prince Agyenim-Boateng, attributed the gains made to prudent financial management practises, discipline, commitment, unity of purpose and focus on the part of the Board and staff of the union.
He commended the Board, Staff and shareholders of the Union for their roles leading to the attainment of the above feat and urged them to continue to work extra hard to maintain the state of its gains.
Pastor Agyenim-Boateng appealed to all clients of the union to desist from defaulting in the repayment of their loans since the credit union was a revolving fund which keeps changing hands from one customer to the other after repayment of loans.
The occasion was used to elect new five member-management board and other committee members to contribute to the day-to-day management of the union with Mr Robert Kofi Kyere, a staff of the Kwame Nkrumah University of Science and Technology (KNUST) being appointed as the new Board Chairman for the next four years.
