Wa Co-operative Credit Union drags 17 members to court

The Wa Co-operative Credit Union (WACCU) Board has dragged 17 of its members to court to recover overdue loans owed it.

Out of this number, judgment has been passed against seven of the loan defaulters while the remaining are still pending, Mr Moses N. Donneyong, Board Chairman of WACCU, said.

Speaking at the 2014 Financial Year Annual General Meeting in Wa, Mr Donneyong said the Union was about to take the next 10 overdue defaulters to court.

He said the WACCU made a loan loss provision expense of GH?70,000.00 which hit the bottom line resulting in a poor profitability showing for the year.

“Members must, therefore, remember that a good member is one that saves regularly, borrows wisely and repaid promptly,” Mr Donneyong said.

He said the Union would not spare any efforts in retrieving its money locked up anywhere whether with members or non-members.

On membership, Mr Donneyong hinted that the membership of the Union continued to improve on yearly basis with total gross membership as at June 2014 standing at 13,028, a growth rate of 11 percent from 11,705 last year.

The members were made up of 4,556 females, 7,349 males and 1,123 groups and organisations.

He said, however, that only 72 percent representing 9,371 of the gross membership had met the minimum requirements of GH?50.00 shares and GH?5.00 savings.

The Board Chairman said a total of 1,431 new members were admitted during the year while 55 old members exited the Union.

Mr Donneyong said the total share value of the WACCU as at June 2014, stood at GH?645,000.00, from the June 2013 position of GH?500.000.00 registering a 29 percent growth rate.

He congratulated members for the effort, saying; “it enables the WACCU to meet the share standard set by the Credit Union Authority (CUA) which was five percent or more of total assets”.

He reminded members that the national minimum level set by CUA was GH?100.00 and the WACCU must work towards achieving it, which had been in existence for more than five years.