ARCCU holds fifth annual general meeting

Takoradi, Dec. 3, GNA - The Axim Road Community Cooperative Credit Union (ARCCU) realised a total savings of 2.9 billion cedis this year, as against the 1.4 billion cedis realised in 2003. Mr Isaac Sam-Cudjoe, chairman of the Board of Directors of the Union, disclosed this at the fifth Annual General Meeting of the Union at Takoradi on Friday.

He said the Union's shares also rose from 151,700,000 cedis in 2003 to 310,900,000 cedis as at December 1, 2004.

Mr Cudjoe said the Union's total assets went up to three billion, four hundred and eighty five million cedis (3.485 billion cedis) this year as compared to one billion, five hundred million (1.5 billion cedis). The Board's Chairman also revealed that, during the year, the Union granted a total loan of 2.370 billion cedis to members, as against 51 million cedis granted last year.

He said the total profit of the Union during this year stood at 171 million cedis as compared to 59 million cedis realised in 2003. Mr Emmanuel Darko, General Manager of Credit Union of Ghana (CUA) said, as a result of efforts made by the association to bring into its membership non-formal workers, the association had 11 chapters and 250 credit unions as at June 2003.

He said the unions are mostly made up of workplace unions with the rest being parish unions.

Mr Darko said the unions continue to offer access to affordable financial services to many members who otherwise could not have qualified for such assistance in the traditional banking environment He said credit union system has contributed to the overall socio-economic development of the country.