Teachers Credit Union records growth

The Dormaa Area Teachers’ Co-operative Credit Union Limited recorded an annual increase in total asset base from 16, 022, 496.04 Ghana cedis to 19, 195, 145. 13 Ghana cedis between 30th June, 2013 and 30th June, 2014.

Additionally, an amount of 12, 075, 001.98 Ghana cedis representing an increase of 25 per cent over the previous year’s figure of 9, 639, 003.56 Ghana cedis were advanced as loans to its members.

Mr. Abdul – Samed Amponsah, the Board Chairman, said this at the 15th Annual General Meeting (AGM) of the Union.

He appealed to members of the Union to maintain a culture of savings towards retirement and to refrain from withdrawing their savings since it is inimical to the growth of the Union.

Mr. Amponsah said savings grew from 13, 523, 742.41Ghana cedis to 16, 183, 877.48 Ghana cedis representing 19.7 per cent growth during the reporting period and membership grew from 9,114 to 10,850 during the period under review.

The share capital grew from 925, 344.4 Ghana cedis to 1, 634, 670.00 Ghana cedis representing an increase of 77 per cent in the total membership shares of the union.

Touching on some of the achievements of the Union, he said Union donated 2,000 exercise books to some JHS 1 pupils in Dormaa East District as part of the celebration of “my first day at school” provided financial support to Untrained Teacher Diploma in Basic Education in all operational areas, acquisition of building plot for the building of branch offices at Sampa, and Drobo and inaugurated the Sampa branch of the Union.

The Board Chairman enumerated challenges which faced the Union including high rate of saving withdrawal, low servicing of loans by members, high operational cost and insistence on part of some members for multiple loans which is against operating policies.