Board members of the VEReF Savings and Loans Cooperative Society (SLCS) in the South Dayi District have undergone intensive financial management training aimed at enhancing their capacity to execute their duties effectively.
Dr Deodat E. Adenutsi, Executive Director of the VEReF Development Network, stressed that without proper financial management, individuals risk debt and instability, while organisations may suffer cash flow crises or even collapse.
He described financial management as essential for both personal and institutional stability, providing a structured approach to achieving long-term financial security.
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Speaking on the theme “Good Governance, Financial Prudence and Member Protection in Cooperative Management,” Dr Adenutsi said prudent financial management remained key to meeting goals and ensuring sustainable growth.
He urged board members to uphold professionalism in order to strengthen the Society and expand its membership for broader community development.
Facilitator Mr Samuel Anikpi noted that the success of the Society goes beyond its balance sheet and must be seen in the resilience, dignity and prosperity it fosters among members.
He reminded the board that they are not just directors of a financial entity but fiduciaries of a social enterprise, bound by cooperative principles such as democratic control, equity, inclusion, transparency and community service.
Mr Anikpi encouraged them to govern with integrity, emphasising their duty of loyalty, care and adherence to the Society’s constitution and legal frameworks.
The training, supported by STAR-Ghana Foundation, Comic Relief, FCDO and WASCI, covered key areas including saving and lending principles, transparent accounting and record-keeping, budgeting, financial goal setting, democratic governance, and financial risk management.
