CAC credit union makes 70.3 million cedis profit

Kumasi, Feb 1, GNA- The Co-operative Credit Union of the Christ Apostolic Church (CAC) International, recorded a net profit of 70.3 million cedis during the last fiscal year.

Deacon Stephen Oduro-Kwarteng, President of the Ashanti Region Area 'H' of the church, who announced this, said the Board of Directors of the Union had, therefore, approved the payment of 21.048 million cedis as dividend.

He was addressing the third annual general meeting of the Union in Kumasi on Sunday.

Deacon Oduro-Kwarteng said the total assets of the Union stood at one billion cedis, a rise of 54 per cent over the previous year's figure of 560.3 million cedis.

He said the Union would engage the services of a credible debt collecting agency to assist the board of directors to recover loans from members who were indebted to the financial body. Mr Samuel Oduro-Darko, General Manager of the Credit Union Associations of Ghana, advised members of the Credit Union to work hard to sustain the gains so far made.

He also appealed to the members to attend meetings regularly so that they could be conversant with the operations of the Union. Seven members of the Union were honoured for their contributions to the Union.