Assemblies of God Church Credit Union hold AGM in Kumasi

Kumasi, Jan 2, GNA - Mr Osei Asibey Antwi, the Ashanti Regional Deputy Minister, has said that the government recognises churches as important partners or stakeholders in its national reconstruction effort. He expressed happiness that the activities of the church were not geared towards the spiritual upliftment of individuals alone, but also concerned with the physical and material well-being of the people. Mr Antwi was speaking at the fourth Annual General Meeting (AGM) of the Assemblies of God Church Credit Union Limited in Kumasi at the weekend.

The theme for the occasion was, "The Role of Credit Unions in Wealth Creation and Community Transformation". He said employment generation and wealth creation were important areas of concern to the government and that it would welcome the private sector in such areas to ensure sustainable development of the country. Mr Antwi commended the vital role of credit unions in mobilising excess liquidity at the lowest level with a common pool from which members could access capital for the union's purposes at reasonable interest rates. The Deputy Regional Minister noted that the success of credit unions rested on the contributions of their members and asked the management of the union to do everything possible to sustain the interest of their members to ensure its growth. Mr Antwi appealed to the unions as part of their social responsibilities to institute scholarship schemes for brilliant and needy students in the area of their operations to help promote education in the country.

Mr T.O. Danquah, the Board Chairman of the Union, in his report disclosed that the current total deposits and shares of the union has increased to 10 billion cedis, while a total of nine billion cedis was given out to customers as loans. He said loan delinquency was a major challenge to the union and appealed to members to strive to pay back loans granted them on time. Reverend Paul Frimpong-Manso, Ashanti Regional President of the Assemblies of God Church, urged the management of the union to conform to the credit union's rules and regulations to ensure its growth. Pastor P.K. Opoku, the Director of the Union, said its membership has grown to 1,700 from initial members of 100.