Teachers’ Credit Union shows strong performance

The Akrofuom Teachers’ Co-Operative Credit Union continues to show strong performance, posting a net surplus of GH¢151,848.02, last year.

This represented an increase of GH¢32,761.64 over the previous year’s figure of GH¢119,086.38.

Mr. Jonathan Kwaku Acquaye, the Chairman of the Union, who announced this said its total assets hit GH¢2,842,968.40 from the 2015 total of GH¢2,567,845.99 during the period.

At the same time its capital rose from GH¢453,868.20 to GH¢680,462.95.

He was addressing the 31st annual general meeting of the cooperative union at Akrofuom in the Adansi North District.

Mr. Acquaye identified loan delinquency as a major challenge it had been struggling with and appealed to loan beneficiaries to make sure that they paid back.

He reminded them that it was by so doing that the facility could be extended to other people.

He also encouraged the members to do everything to meet their commitments.

Mr. Acquaye spoke of the intensification of the effort to get more people to join and added that its mobile banking service had also been extended to Akrokerri and its other nearby communities.

This formed part of the revenue mobilization drive to strengthen the financial base of the credit union.

Mr. Paul Antwi, the District Director of Education, applauded the management of the credit union for the impressive performance and urged teachers to prepare adequately for their pension by adopting the culture of savings.

Mr. Fredrick Mensah Ashitey, the Ashanti Regional Manager of Ghana Co-operative Credit Unions, wooed people to join the credit unions, telling them that, their interest charges on loans were moderate.