Takoradi, Aug. 02 -GNA- The Shama-Ahanta East Metropolitan Area Teachers' Support Scheme (STESS) declared an income surplus of 395 Million Cedis during the 2004 - 2005 fiscal year as against 314 Million Cedis or about 26 per cent over the previous year. The scheme, which had registered steady growth since it establishment about eight years ago, and now has 2,420 members, saw its capital grow from 553 Million Cedis to about 2.5 Billion Cedis during the period under review.
Mrs Agatha Wilberforce, Manager of STESS made these known at the 11th annual general meeting of the scheme at Takoradi on Tuesday. During the period, 60 Million Cedis was transferred into the scheme' reserve account and invested 800 Million Cedis in treasury bills. It operates a welfare store, a snack bar, hostel and bakery.
Mrs. Wilberforce noted with satisfaction that in spite of the relatively short period of its establishment, the scheme had brought much relief to many teachers and has the potential to do even more to alleviate economic hardships of members. During the period under review, the scheme gave out loans totalling four billion Cedis to more than 160 members to acquire personal properties, including houses. Mrs Wilberforce said some engaged in various economic ventures were assisted to expand their businesses, while others too were supported to acquire higher education. She announced that STESS had acquired 153 building plots valued at 763 Million Cedis at nearby Asakae and Annoe for distribution to interested members.
Mrs Wilberforce gave the assurance that the scheme will work in the best interest of teachers in the area and advised those who have not joined STESS to do so to enjoy its benefits. She also called on registered members to improve on their savings to enable them to derive maximum benefits from the scheme. Mr. James Mike Abban, chairman of the board of directors commended teachers for their commitment, dedication and loyalty that had enabled the scheme to make giant strides. The scheme, he said had plans to extend its services to cover teachers in other districts and said some from Nzema East and Ahanta West districts have been registered as STESS members. Mr. Abban encouraged teachers to register with ST ESS to enable them to access soft interest loans instead of going to "Shylock banks and money lenders" to be fleeced.
