CSA Loans Scheme grants 5.2 billion cedis to members

Kumasi, Sept. 10, GNA - The Ashanti Region branch of the Civil Servants Association Savings and Loans Scheme granted 5.2 billion cedis as loans to its members to meet their socio-economic and cultural problems last year.

The loans covered areas including providence, rent advance, education, purchase of household items, fridges, television sets, roofing sheets and corn mills among others.

Mr Henry Patrick Gyimah, Chairman, who announced this at the first annual general meeting in Kumasi on Friday, said the Scheme declared a profit of 1.2 billion cedis during the financial year. He said out of the profit, management decided to allocate 25 per cent statutory fund of 293.6 million cedis to a housing project. Management had also allocated 700.3 million cedis to be shared as dividend, which worked out to 4.477 million cedis per shareholder, he said.

Dr Alex Glover Quartey, Head of the Civil Service, noted that the successful implementation of the Scheme had proved that given the opportunity, the Civil Service was capable of managing its own affairs. He advised the managers of the Scheme to run it like a business to ensure that the objectives for its establishment were achieved. Dr Quartey urged them to let fairness be their watchword and also show candour and probity in their operations. They should also carry out regular appraisal with the view to introducing new and varied products to suit the prevailing circumstances.

Mr Kwame Asamoah-Dwomoh, Chairman of the Ashanti Region Civil Servants Association, appealed to the Minister of State in charge of Public Sector Reform to expedite action on the Association's request for six billion cedis to support the Scheme. He said the Scheme needed financial assistance to be able to meet the numerous demands of members.