BRRI Credit Union makes progress

Fumesua, (Ash), Feb. 3, GNA - The Building and Road Research Institute Co-operative Credit Union made a net profit of 229 million cedis in the 2005/2006 financial year.

The figure represents an 83 per cent increase over the 2004/2005 profit that was 125 million cedis.

The union's total assets also rose from 2.837 billion cedis in 2004/2005 to 3.634 billion cedis in the year under review. Mr Kwame Owusu Tawiah, the Chairman of the Board of Directors, said this at the 34th annual general meeting of the Union at Fumesua, near Kumasi on Friday.

He said the union granted a total of 3.3 billion cedis as loans to members in the year under review as against 1.9 granted in 2004/2005 and that interest on loans rose from 495 million cedis in 2004/2005 to 710 million in 2005/2006.

Mr Tawiah attributed the achievement of the union to the granting of more loans to members during the period and the ability of management to control operating expenses.

He said a total of 64 million cedis would be paid as dividend this year to the 417 shareholders.

Mr Tawiah expressed concern about the inability of most members to pay large amounts as savings and urged them to increase their savings portfolios to enable them access huge loans. Mr John Philip Amoateng, the Ashanti Regional Co-operative Officer, advised credit unions to device strategies to attract more members to their fold.

Dr Kwaku Amoah Mensah, the Director of the Institute, said the union had contributed immensely to the financial needs of members of staff as well as the institute and advised members to take advantage of the education fund that had been instituted by the union to support their children's education.