GESRO makes profit of GHC100,606

Takoradi, Jan. 23, GNA - GESRO Cooperative Credit Union, recorded a profit of GNC100,606.04 in 2010, as against GHC68,868.01 in 2009.

Mr Kusi Boachie Yiadom, Chief Executive Officer of the union, announced at the Annual General Meeting of the union at Takoradi.

He said an amount of GHC605,335.57 was realized as interest on loans in 2010 as against an amount of GHC331,136.32 raised in 2009.

Mr Yiadom said interest on financial investment in 2010 was GHC45,523.70 while in 2009, interest was GHC41,190.13.

He said in 2010, the total expenditure was GHC562,744.03 and in 2009, GHC390,749.13.

Mr Yiadom said the credit union was able to achieve an 80 per cent increase in profitability in 2010 because of prudent management policies and the decentralization of operations.

He said another factor was interest rate on loans of 21 per cent without any hidden charges.

Mr Yiadom said the long term goal is to make GESRO a global credit union, through virtual internet and ICT technology, to enable customers to access their accounts anywhere.

He said the union is entering into partnership with a firm in the United Kingdom, to engage in real estate development.

Mr Thomas Kofi Mensah, Chairman of the Credit Union, said the union has entered into partnership with the United Bank For Africa (UBA to make it possible for members of the union to access their withdrawal account at any branch of the bank or ATMs that are on the e-transaction platform.

He said the union is also in partnership with Airtel Money, to enable members "to pay their savings and loans anywhere, any day, anytime", without necessarily going to the GESRO office.

Mr Mensah said membership of the union has increased from 2,315 to 9,500 because it opened its doors to people who were not educational workers.