St Peter’s Credit Union makes strong strides

The Saint Peter’s Co-operative Credit Union Limited, continues to show strong operational results, posting a net surplus of GH¢391,049, last year.

Dr. Anthony K. Edusei, Chairman of the Board of Directors, said this represented more than 100 per cent rise over the 2013 figure of GH¢188,900.00.

During the period, its assets also grew from GH¢8.7 million to GH¢10.1 million.

Addressing the 44th Annual General Meeting (AGM) of the Union in Kumasi, he said, it was able to support about 2,518 individuals with loans totalling more than GH¢7.00 million.

These went into the payment of school fees, housing, transport, agriculture, and other small-scale business ventures.

Dr. Edusei said the impressive gains came on the back of prudent management and hard work by the staff, and pledged they would continue to sustain the Union on the path of growth.

They had acquired 100 building plots at Bomso-Sasaamo, which they are developing into housing units for interested members.

So far, 37 had been completed and given out to the members.

A former senior lecturer at the Kwame Nkrumah University of Science and Technology, Mr. Anthony Augustine Aidoo, urged the management to stick to best financial management practices.

He also cautioned against bad investment decisions, which he noted had been the cause of the collapse of many micro-financial institutions in the country.

He said it was important for them to avoid using clients’ deposits to open new branches, or for development projects, because that was dangerous.

Mr. Aidoo encouraged credit unions to continue to introduce products that would help fight poverty and make the lives of the people better.