Credit Unions mobilise GH¢300 million in savings

As at the close of 2012 the Credit Unions (CUs), mobilised a total of GH¢300 million in savings from its members.

Mr Emmanuel Oduro-Darko, General Manager of the Ghana Credit Unions Association, who made this known, said there are 500 registered CUs with membership of about 450,000.

As cooperative financial institutions, they are actively engaged in the fight to bring down poverty - providing support to the people in times of financial difficulty.

Mr Oduro-Darko, who was addressing the 10th annual general meeting of the Kumasi Polytechnic Staff Cooperative Credit Union in Kumasi, said their services are so designed to assist the poor, low income earners and the less fortunate in society in both rural and urban communities.

Poverty reduction, he noted, required long-term plans and solutions and advised the workers to save towards their retirement.

He identified loans delinquency as one of their major headaches facing the CUs and encouraged the Board of Directors of the Union to adopt effective and pragmatic measures to recover loans granted.

The Polytechnic CU declared a net profit of GH¢210,000.00 on its operations during the period.

Mr Eric Brobbey, out-going Chairman of the school said at the total assets of the local CU rose to GH¢1,555,892.00 from GH¢214,000.00.

Savings also shot up from GH¢182,965.00 to GH¢1,168,165.00.

He said the CU from its own resources had constructed a GH¢120,000.00 office.

An eight-member Board chaired by Mr Boadu Ayeboafo was inaugurated to manage the affairs of the Union for a four-year term.

Professor Nicholas Nsowaah-Nuamah, Rector of the Polytechnic, called for support for the new management.