Business News of 2014-01-11

Ghana Revenue Authority Credit Union holds AGM

The Ghana Revenue Authority Cooperative Credit Union (GRACCU) has held its seventh Annual General Meeting (AGM) in Accra with a call on members to support the Union to implement its policy of non-withdrawal when indebted.

Mr Godwin Aaron Monyo, Chairman of the Management Board, who made the call, said demand for withdrawal by members who were servicing loans posed a threat to the continued existence of the union.

The long term effect of the withdrawal, he said, denied the union necessary funds for gainful investments for the members as a whole.

As at June 2013, GRACCU had a membership of 4,219 with total assets of 16.9 million Ghana cedis.

Mr Monyo said the aim of the Union was to secure financial independence for members to prepare them adequately for retirement; adding, “Management would not shy away from bold decisions that would bring good returns to the Union.”

He said it was in the pursuit of this objective that the Union facilitated an agreement with JMET Corporation to acquire 300 mini buses for members to own and operate as commercial vehicles.

Mr Monyo said GRACCU was attracting investors' attention, particularly Marvel Properties Limited, an estate developer, which had expressed interest in providing Ghana Revenue Authority (GRA) staff with affordable houses.

He said the estate company had proposed an affordable housing scheme through the credit union for the staff; and added that the houses would be given as mortgages for over a 10-year period. He lauded the contribution of GRA management to the success of GRACCU.

Mr Tony Dzadzra, Head, Tax Policy Unit of the Ministry of Finance, said Credit Unions were good vehicle of savings mobilisation and provided members with economic stabilization and financial assistance.

He said contribution by members helped to increase savings that could be used to provide capital for small and medium scale enterprises, to create employment for the youth.

Mr Dzadzra therefore urged management of GRACCU to be transparent in their dealings in order to sustain the interest of members.

Mr George Blankson, Commissioner General of GRA, asked members to be dedicated to the cause of GRACCU.

Some members received awards for their contributions towards the growth of the Union. They received items, including water dispensers, television sets and cash.