Business News of 2014-01-27

Profit for Nkoranza teachers Credit Union soars

The Nkoranza Area Teachers' Co-operative Credit Union in the Brong Ahafo Region recorded a net surplus of GH¢117,256.55 as against the previous year’s figure of GH¢50,945.56.
This represents an increase of 130 per cent. It also constitutes 57.6 per cent of the union's total assets. The Chairman of the Board of Directors of the union, Mr Thomas Tome Kuugan, who announced this, said a total savings of the union also increased from GH¢2,664, 361.67 to GH¢4,016, 766.54 and that was an increase of 50.8 per cent over last year’s figure.
He was addressing the 38th annual general meeting of members of the association at Nkoranza. Mr Kuugan said the union offered GH¢2,566,354.94 as loans to the members as against the previous year’s loan of GH¢1,573,819.12, which was an increase of 63.1 per cent.
He added that the share capitalisation of the Union increased from GH¢379.516.14 to GH¢659,618, representing 73.8 per cent of the union’s total assets. The union now boasts a total asset amounting to GH¢5,545,163.04, which is an increase of 57.6 per cent over the previous year’s figure of GH¢3,518, 719.73.
Mr Kuugan disclosed that major challenges that faced the Union were low savings and low shareholdings on the part of members and therefore pleaded with the people to improve upon their performance to enable them to chalk up more successes.
The Deputy General Manager of Operations of the Credit Union Association (CUA) of Ghana, Mr B. B. Fedelis, commended the union for attaining Grade ‘A’ status in the association and maintaining such position for eight continuous years.
He said such good results revealed the effectiveness and hard work of the management of the union and the active support and encouragement the management also received from the staff, as well as the Board of Directors and other committees of the union.
Mr Fedelis paid special tribute to the members of the union for their cooperation, patronage and continued support for the growth of the union. He stressed the need for the members to save regularly and also ensure to borrow for worthwhile purposes, adding that they should repay loans collected on schedule to maintain credibility with the union.
Madam Phillipa Banson, Nkoranza Municipal Director of Education, was full of praise to the founder members of the union for spearheading the establishment of the credit union to encourage teachers in the area to improve upon their lot.
Madam Banson called on teachers who were not members of the union to join so as to guard themselves against embarrassing situations whereby they would take loans from “Shylock” private money lenders who might chase them on the streets for their monies.
The Manager of the union, Mr Benjamin Kudom, was grateful to the board of directors and the entire membership of the union for their support and encouragement to him and his staff, saying their joint efforts had been a pillar for them in the discharge of their duties.
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