Small scale farmers, SMEs to get loans from teacher credit union

Smallholder farmers at Akrofuom in the Obuasi municipality of Ashanti region will now have access to loans from the Akrofuom Teachers Co-operative Credit Union to enhance their farming activities.

The teacher credit union has resolved to assist farmers and other Small and Medium Enterprises to increase productivity and ensure food security.

This was announced by the Board Chairman, Jonathan Kaku Acquaye, at the 2017 Annual General Meeting of the credit union.

“Agriculture forms an integral part of our national growth but most farmers are the less privileged in our societies because of their inability to secure loan for expansion of their farms. We want to assist smallholder farmers realized their dreams by making loan easily accessible to them,” he noted.

Vice-Chairman of the credit union’s board, Yaw Wiafe, said the universality of the credit union concept makes it attractive to people of all societies. He however bemoaned the apathy in repayment of loans by credit union members.

“Debt recovery is becoming a challenge for us. We have therefore been compelled to ensure that people who come for loan have collateral,” he said.

Mr Wiafe advised the public to save for the future to be financially independent. The Akrofuom Teachers Co-operative Credit Union increased its income in 2016 to GHc 607,478 from the GHc514,296 recorded in 2015.