Swedru SDA Credit Union makes profit

The Swedru Seventh Day Adventist Credit Union declared a net profit of 26,866 .49 Ghana cedis in 2012 as against 9,130.92 Ghana cedis in 2011.

Its assets also increased from 397,141 Ghana cedis in 2011 to 707,668 Ghana cedis in 2012, an increase of 56.11 per cent.

Mr Daniel Adu Nkum, Chairman of the Board of Directors, made this known at the 2012 Annual General Meeting of the Union at Agona Swedru.

Mr Nkum said the union’s short term investments showed an appreciable increment of 97,346 Ghana cedis in 2012 as against 50, 552 Ghana cedis in 2011.

He said total savings was 568,420 Ghana cedis whilst share capital was 30,893 Ghana cedis.

The Board Chairman said the union had added to its assets a five-bedroom house purchased at Agona Kwanyako at the cost of 15,000 Ghana cedis.

Mr Nkum expressed concern about the loan delinquency which had become a major challenge facing the union.

Mr Alexander Oteng, Central Regional Manager of Co-operative Credit Union, urged businessmen and women to examine the microfinance companies before transacting business with them.

He said some microfinance companies had duped their clients and bolted with their savings, a situation he described as very bad.