Business News of 2014-01-19

WR Pentaccu increases assets by 104%

The Pentecost Takoradi Area Co-operative Credit Union (PENTACCU) has increased its total assets by 104 per cent.

The credit union also made a net surplus of 88 per cent while savings mobilisation went up to 105 per cent.

Elder Charles Frimpong, Chairman of the Union at the third Annual General Meeting of the credit union added that membership shares also shot to 76 per cent and loans increased to 98 per cent.

The credit Union has, however, suspended dividend payments to allow the strengthening of the capital base of the union.

Elder Frimpong said the union is building a new office accommodation and had acquired a double cabin Nissan Navara to ease mobility among staff.

On loan repayment, the Chairman said: “Many are faithfully discharging their responsibility of repaying. However, few are not keeping faithful, please be up and doing.”

Apostle Dr Alfred Koduah, Area Head of the Church of Pentecost and the Special Guest entreated management to ensure optimum transparency in their operations as any negative move would go a long way to affect the image of the church.

He tasked management to find innovative means to transform and grow the credit union.