Credit Union system is the best means of savings - Field Officer

Techiman (B/A), Jan. 23, GNA - The credit union system is the best means of mobilizing savings and making credit available to micro and small-scale operators, Mr Oppong Manu, Brong Ahafo Regional Co-operative Officer, has said in Techiman.

Addressing the seventh annual general meeting of Trinity Presbyterian Co-operative Credit Union Limited, he lauded the credit union concept as a mechanism for alleviating poverty and advised credit unions to undertake business ventures.

Mr Edward Opoku-Mensah, Brong Ahafo Regional field officer of Credit Unions Association (CUA), noted that lack of transparency had led to the demise of some credit unions and called on managements to educate members about their operations.

Mr. Opoku-Mensah advised members to use loans granted them judiciously so they could repay for others to benefit. Presenting its audited accounts, Mr James Okyere, Techiman Co-operative Officer, said the union recorded a net surplus of 31.67 million cedis last year as against 30.02 million cedis in 2002.

The union paid 74,962,273 million cedis as interest on members' savings, representing 12 percent and invested 170 million cedis in treasury bills.

Other investments totalling 49,686 million cedis include CUA central finance facility, statutory reserve, CUA shares and house bond, he added.

Mr Okyere stated that liquid investment increased from 66.5 million cedis to 186.2 million cedis, adding that the union performed creditably by exceeding the minimum standard but did not deny members access to loans.

Mr Daniel Okrah, Chairman, said the union granted loans totalling 625.350 million cedis to 134 members during the 2003 financial year as against 309.6 million cedis the previous year.

Members' savings rose from 417.708 million to 639.174 million cedis whilst share capital shot up to 43.8 million cedis as against 23.8 million cedis under the period under review.

Mr Jethro Sewur, Manager of the union asked members to follow the laid down principles pertaining to the granting of loans.

Loan defaulters will be put before court, he warned and urged members to repay loans granted them to enable others to benefit. The union had insured members' loans on death and disabilities, according to him.

A seven-member Board of Directors with Mr Charles Apraku Yeboah, as Chairman, Mrs. Esther Ofosu-Mensah, Vice Chair person, Mr. Alfred Abebrese, Secretary, Madam Georgina Amenyah, Treasurer, Madam Esther Gyarko, member, Madam Rose Boahemaa, member and Mr. Sampson Gyan, was sworn into office.