Credit Union Grants 282 Million Cedis As Loans

Akrofuom Teachers Co-operative Credit Union in the Adansi West District granted loans totalling 282.3 million cedis last year as against 165 million cedis granted the previous year.

Mr J.K. Kwakye, President of the union, who announced this at its Annual General Meeting at Akrofuom, said a profit of 27.4 million cedis was gained during the period as against 13.8 million cedis realised the previous year.

Mr Kwakye said the union's assets increased from 274.2 million cedis to 346.4 million cedis as at the end of the financial year ending June 30, 2002.

He expressed satisfaction with the union's performance during the period and said, "the union exceeded its target of 70 million cedis as income by 39 million cedis."

Mr Kwakye said the union received two awards for being one of the four well-managed credit unions in Ashanti Region as well as showing commitment to its obligations to the Credit Union Association of Ghana (CUA).

In a speech read for him, Mr S.K. Okyere, the Adansi West District Director of Education, expressed satisfaction with the pioneering role the union had played in promoting credit unionism among teachers in the

district. The District Director expressed concern about loan defaulters and stressed, "these practices defeat co-operative spirit and therefore, I sincerely urge members to resolve to be responsible to their obligations."