Credit Union to take action against loan defaulters

Dorm Ahenkro, March 13, GNA - Members of the Chance Brothers Credit Union at Dormaa-Ahenkro have resolved to take legal action against members who have defaulted in the repayment of loans granted them.

The decision was taken at an emergency meeting of the union at Dormaa-Ahenkro yesterday. According to them, the capital base of the union is being watched closely and express the hope that the move would help retrieve the loans to enable the union perform effectively.

In order to ensure prompt payment of the loans, members also appealed to the loans committee to see to it that those granted loans have the requisite collateral security.

Mr Albright Opoku-Kyeremeh, Secretary of the Union announced that the capital base of the union was 122 million cedis as at December 1999. Mr Opoku-Kyeremeh said the union has planned to build offices at Dormaa-Ahenkro estimated at 25 million cedis and added that the project would soon take-off.

He disclosed that the union has paid back two million cedis loan granted it by the Credit Union Association of Ghana (CUAG) The secretary said the union has decided to embark on susu collection to expand its operations.

Mr Fred Fofie, vice-chairman of the union, appealed to the Supervisory Committee of the union to work harder to ensure its smooth functioning. Nana Adjei-Twum, chairman of the union who presided, stressed the need for traders and other professional bodies to join the union so as to get the needed support to expand their businesses.