Credit Union in T’di loses 600 clients due to STMA demolition

Axim Road Cooperative Credit Union (ARCCU) based in the Sekondi-Takoradi metropolis has lost 600 clients following the demolition of shops belonging to artisans operating in the Tanokrom-Kokompe industrial enclave.

The demolition was carried out by the authorities of the Sekondi-Takoradi Metropolitan Assembly (STMA) in late 2013, to pave way for the construction of a shopping mall by a South African consortium.

However, one year after the demolition was carried out and more than 3,000 auto-mechanics evicted from the place, the shopping mall is yet to be constructed.

The Board Chairman of ARCCU, Mr. Alex Sackeyfio, made this known at its 15th Annual General Meeting (AGM), in Takoradi, over the weekend, under the theme:” A Partner in Tough Times”.

He said traditionally, the majority of their membership comes from artisans at Tanokrom- Kokompe and traders at the Takoradi Market Circle.

He said however, when the STMA eviction rendered 600 of the artisans and traders unemployed they could not continue with their savings and repayment of loans.

In addition, the challenging macro-economic conditions in the country, such as the increase in inflation rate by more than 30 per cent, coupled with the depreciation of the cedi by 74 per cent resulted in a situation where the credit union ended the 2013/2014 financial year with a loss of GH¢ 144, 719.19.

Mr. Sackeyfio however indicated that with prudent financial management, the credit union bounced back in the 2014/2015 financial year with a surplus of GH¢ 222, 725.64 and it’s expected to hit GH¢ 405, 268.24 in the 2015/2016 financial year.

He pointed out that strategic decisions had been made by the board and management to position the credit union well to serve its members better in the coming years.

“We have embarked on a process to decentralize our operations and become a fully-fledged service centre, capable of meeting all the service needs of members, in order to cut out the frustrations of members coming to the head office for certain services”, he added.

Mr. Emmanuel Prah, the General Manager of ARCCU, said it had upgraded its software to render tailor-made services to its clients in a timely manner and entreated the members to have confidence in the board and management of the credit union.