Business News of 2013-12-09

Shama Community Credit Union declares Ghc98,113.52 surplus

The Shama Community Co-operative Credit Union (SHACCU) has made strides by declaring a net profit of Ghc98,113.52 representing 65 percent this financial year.

Mr Joseph Arthur, Board Chairman of SHACCU announced at the Union’s Fifth Annual General Meeting at Shama and said the profit is above that of 2012 which stood at Ghc59,503.04.

The meeting was held on the theme “Savings, the foundation for wealth creation”.

He said members were granted Ghc1,603,744.61 loans representing 68.4 percent this year, as against Ghc952,420.00 in 2012 while savings shot up from GHC1,528,915 to Ghc2, 384,725.20 in the same period, representing 56 percent.

Mr Arthur said the credit union recorded a loan delinquency rate of 0.3 percent, making it the lowest in the Western Region, but advised members against complacency, by paying their loans.

Mr Kwaku N. Addo, General Manager of the credit union said over Ghc19,539.96 was paid as dividends to members while the total asset size reached Ghc2.9 million as at June this year.

The General Manager said the union has expanded its operational area from Shama to two other areas in the Western and Central Regions while its 9,708 members invested their loans in the education of their children, housing project, agriculture, trading and health.

He encouraged the members to continue to repay their loans to enable them start an office project at Shama.

Mr Emmanuel O Darko, General Manager of the Credit Union Association stressed the need for Ghanaians to cultivate the habit of planning to save towards their future by living within their limits so that they do not become paupers in their old age.

He advised executive members of the union to exhibit honesty and transparency in their administration to avoid mistrust from members.