Swedru Teacher’s Co-operative Credit Union makes giant stride

Mon, 27 Jun 2016 Source: GNA

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The Swedru Teacher’s Co-operative Credit Union has declared a profit of GHC1,793,474.32 in 2015 as against GHC1,348, 239, 16 in 2014.

The assets of the Credit Union grew from GHC8,720,435.38 in 2015 to GHC 6,679,128.02 in 2014.

Mr. Ben A, Somuah, immediate past Chairman of the Board of Directors of the Credit Union announced this at the 14th Annual General Meeting (AGM) of the shareholders at Agona Swedru.

The AGM was on the theme: “the Credit Union, A Tool for Development.”

A total of GHC 5, 626,313.90 were granted as loans to members compared to GHC4, 662,552.30, as at June 30, 2014.

According to the Chairman, savings of the members also increased from GHC 7,320,523. 45 in 2015 to GHC 5,486,089.25 in 2014.

Mr. Somuah said during the period; shares of the Union grew from GHC 678,899.78 in 2015 as against GHC517,918.18 in 2014.

The Chairman said the Board gave approval to new products to be added, namely fixed and time deposit to entice members to take advantage to patronise the facility because of its good returns.

He said an appeal was made to raise the minimum shareholding from GHC100 to GHC200 to the members to increase capital base of the Credit Union.

The Board Chairman, therefore, called on the members to purchase more shares to improve upon their dividends.

The Chairman said the Union is facing challenges of loans default contracted by some members and had denied others to enjoy the facility to improve their living conditions.

Mr. Samuel Annor, Central Regional Manager of Credit Union Association urged teachers at Agona Swedru and adjoining districts to join the Credit Union for a prosperous life.

He said it would be unwise for teachers to retire and become wretched, adding that joining the Credit Union could facilitate the construction them to own houses and pay fees of kids.

Mr. Annor expressed serious concern about the loan delinquency, which major problem confronting Credit Unions and urged defaulters to pay back for others to enjoy the facility.

Mr. Gyasi William Dodd, a taxi driver at Agona Swedru won 32 plasma flat screens Television set as the first prize of the raffle drawn at the AGM to raise funds for the Union.

The hardworking staff and other shareholders were awarded for their meritorious and selfless services rendered over the years.

Source: GNA