Global Credit Union makes stride

Mr. Samuel Awugah, the Board Chairman of the Global Teachers Co-operative Credit Union, has said savings of the union grew from GHc 18,000 to 31,000 between 2010 and 2012.

He said the shares of the union also saw an impressive increase from Ghc 258, 000 to Ghc414, 000.

Mr. Awugah said this at a ceremony to inaugurate an office complex for the Union on Monday in Tamale.

The Ghc 93,000 office was funded by the contribution of members.

He said the institutions with the membership of 951 had an asset worth Ghc 525, 000.

Mr. Awugah said the Union was formed in 1992 by some teachers of the Catholic Educational Unit.

He expressed regret over the high rate of loan delinquency by some members of the union and appealed to the defaulters to settle their debts to ensure the growth and sustainability of the Union.

He appealed to the Controller and Accountant General’s Department to release deductions made to the primary society to enable the union to meet the loan demand of members.

Mr. Samuel Banazi, General Manager of Credit Union Association, appealed to teachers to cultivate the habit of saving.

Mr. Moses Mabengba, the Northern Regional Minister in a speech read for him, said the government was ready to support such self help initiatives.