Wa Cooperative Credit Union increases its savings

Wa, Oct. 20, GNA - The Wa Cooperative Credit Union has increased its total savings to GHC2, 635.74, showing an increase of 4.1 per cent in 2010, as against GHC1, 868,472.74 in 2009. Its membership has also increased from 6,604 in 2009 to 6,851 as at June this year, representing 3.7 percent. Mr Moses N. Donneyong, Chairman of the Board of Directors of the Union announced this in a report, at the annual general meeting of the Union in Wa, at the weekend.

He said shares base of the Union had increased to GHC206, 335.60 in 2010, recording 6.9 percent increment, as against GHC192, 910.20 in 2009. Mr Donneyong said, despite these achievements, the Union was now faced with challenges, following the influx of new banks and financial institutions in the Wa Municipality. He said there was the need to strengthen the capital base of the Union, to overcome the emerging challenges and called on members to buy more shares. "This would enable our Union to withstand the stiff and turbulent competition coming from all the new competitors", Mr Donneyong pointed out.

He said, at present, the minimum share per member was only GHC20, which members of the Board viewed to be low and suggested it should be raised to GHC50 to meet Credit Union Associations standards. Mr Donneyong bemoaned the delinquency among members in the payment of loans and urged all those who had taken loans from the Union to endeavour to pay back to avoid any legal action. He said the Board had developed a staff salary structure for its workers to motivate them to give out their best and also to facilitate their promotion, and progression annually. An internal control system had also been put in place to help reduce the incidents of manipulations and financial malfeasance. Mr Donneyong announced that the Union had chalked out successes, winning three awards at the Credit Union Association 16th Biennial Conference held at Kasoa, in May, 2010. Its offices at the Wa market had also been improved and would soon be transformed and made autonomous to enhance its operations. Mr Donneyong said the Board had advertised for competent and qualified professionals such as Manager, Accountant and Internal Auditor to manage the Union's finances. He said the Board was determined to help all its enterprising members to develop themselves and come out from poverty. He said Child Education Account and Inter Credit Union Money Transfer were some of the new products introduced, to cater for children's educational needs and avoid armed robbers stealing huge sums of money from members whiles on transit. The Board also intends to introduce Mobile Savings, to reach out to members and other floating traders, who may be too busy to come to the Union Office personally to make savings. 20 Oct. 10