BUSAC urges associations to ensure prudent financial management

Mr Ato Van-Ess, a trainer with the Business Sector Advocacy Challenge (BUSAC) Fund, has called on managers of Associations to discipline themselves in their expenditure to ensure that they did not overrun their financial budgets.

He urged them take their record keeping, budgeting  and planning  seriously stressing that most business were not functioning well because they did not keep proper documents and data on the operations of their businesses.

Mr Van-Ess made the call at the end of a four-day financial management training workshop held in Winneba for 24 leaders and managers of Associations drawn from the Central Region.

The participants who  came from  the Ayensu Cassava Farmers Association, Odupong-Kpeh Drivers Association, Ofankor –Kasoa Market Women , Ghana Traditional Caterers, Buduburam Vegetables/Crop Farming and Marketing  Association, Okyereko Cooperative Society and Gomoa- Brofo Vegetable Associations were taken through topics like, financial management, cost categories, bookkeeping, cash planning and forecasting and the preparation of the balance sheet.

Mr Van-Ess said BUSAC FUND was now combining advocacy work with financial management training because a study revealed that most managers and owners of small-scale business as well as associations had very little knowledge about record keeping and effective financial management.

He announced that next year the BUSAC FUND would introduce Leadership Training and Fundraising programmes in addition to its Advocacy programmes.

Mr Van-Ess said in most cases business managers rush to collect loans from banks and other financial institutions without putting in place the appropriate measures for the effective investment of the money thereby mismanaging it.

He urged them to take advantage to the workshops being organised by BUSAC to enhance their record keeping and financial management skills adding that businesses and associations in the country were not operating effectively because they did not have the technical skills in the business industry.

Mr Patrick Awuku Ansah, the course prefect, thanked BUSAC fund for the workshop saying what they had learnt would serve as an eye opener for them in their businesses and associations and called for more of such workshops to enhance their work.

Source: GNA