Business News Tue, 28 Jan 2014

ARCCU Credit Union increases shares

The ARCCU Credit Union in the Sekondi/Takoradi Metropolis would from July, this year, increase its share holdings from GH¢100 to GH¢ 150.

Ms Aba Smith, Chairperson of the Board of Directors, said the increase was geared towards creating a reasonable equity base for the credit union in order to advance its operation in spite of inflation and increasing loan commitment.

She said the credit union would also pay a dividend of 12.5 per cent to members considering the current liquidity stress and interest rate.


Ms Smith said the credit union also bagged a record profit of GH¢ 405,400.03 as against last year’s profit of GH¢ 95,346.83 giving the union a percentage of 107.58.

The total asset of the union also grew from GH¢5,551,257.75 to GH¢6,855,044.50 showing a growth percentage of 23.5.

Ms Smith said the credit union had opened a new office at Kokompe to serve the artisans and trading community there whiles the Kojokrom office is under construction.

Source: GNA