Business News of 2013-12-30

Cultivate saving habit — teachers urged

The Metro Director of Co-operative, Mr John K. Nyarko, has advised teachers to save during their working period, irrespective of their income levels, in order to prepare for their future.

He gave this advice in an address at the general meeting of the Associated Teachers Co-operative Credit Union (ATCCUL) held in Accra.

The meeting discussed the theme, "Today's savings, Tomorrow’s happiness".

Presenting the annual report for 2013, the Board Chairman of the association, Mr Nkansah Agyei Owusu, enumerated some successes chalked by the body.

They include the ability of the co-operatives able to have prompt payment of withdrawals and grant loans. The association had also moved to its own office.

Mr Nkansah announced that the board of directors would this year reward the three highest savers in the union.

Some of the challenges facing the co-operative, he said, were the prevailing loan delinquency that now stood at 19 per cent; which means there has been a decrease in the repayment of loans.

The board chairman was not happy with the response of the Credit Union Association (CUA) during technical difficulties experienced by the union.

Mr Nkansah expressed the hope that next year the ATCCUL would, through prudent management, compete with the giants in the industry.

The General Manager of the Ghana Co-operative Credit Union, Mr Emmanuel Oduro Darko, said currently there were over 500 credit unions and study groups dotted nationwide.

He said they were made up of church groups, industrial credit unions and urban and rural community credit unions with an accumulated total savings of GH¢350 million and a little over GHc200 million outstanding loans.