Business News of 2014-01-11

GRA Credit Union records growth

The Ghana Revenue Authority Co-operative Credit Union (GRACCU) recorded a significant growth in its total asset base during the 2013 financial year.
Its annual report revealed that total the assets of the union, which stood at GH¢4.4 million as at June 2011, increased to GH¢17 million.
The growth was as a result of some institutional strategies implemented during the period under review.
These included the flexible loan policy and intensive education among public sector workers on the need to join the union.
Addressing the seventh annual general meeting (AGM) of the GRACCU on theme: “Financial independence: Our goal,” the Chairman of the Board of Management, Mr Godwin Monyo, said the automation of the accounting process through the purchase and installation of software designed by the Ghana Credit Union Association and the vigorous education campaign embarked on also contributed to the growth.
“We visited every office to educate members and potential members and also distributed the credit union bye-laws and operational manual,” he said.
He said the union also introduced an auto loan scheme for its members and commissioned 150 mini buses in the course of the year which were given to members to repay in installments.
Financial independence
“Our aim is to secure financial independence for our members who are public sector employees and to prepare them adequately for retirement,” he stated.
The Commissioner General of the GRA, Mr George Blankson, who chaired the AGM, said credit unions played an important role in offering economic security to its members.
He said the staff of the GRA, per the nature of their work, were vulnerable when they were financially constrained as they came into contact with taxpayers and collected revenue on behalf of the government “it is important that there is a safety net that we can fall on.”
Saving habit
The General Manager of the Ghana Credit Union, Mr Emmanuel Darko, advised workers to cultivate a saving habit where they would set aside part of their income for future use.
Later, awards were presented to the highest saver, hardworking staff and former management members of the union. They received cash prizes, water dispensers and television sets.