Economics Union Loans

Techiman (B/A), Jan. 5, GNA - The Ebenezer Co-operative Credit Union at Techiman granted 1,233,960 billion cedis in loans to 213 members last year as against 343 million cedis to 161 members in 2002. Mr. Moses K. Owusu-Yeboah, Chairman, who announced this at the eighth annual general meeting said the union purchased 400 million cedis in treasury bills as against 241 million cedis the previous year. Members' savings rose from 582,792 million cedis to 1,224,447 billion cedis and paid 138,321 million cedis to 619 members on their savings in 2003, he said.

The chairman added that the union would soon acquire a plot of land for the construction of permanent offices to be stocked with computers to enhance the work of the union. Mr. Owusu-Yeboah expressed concern about the over withdrawal of savings, which he said did not conform with credit union association's limitation of 50 percent of member's savings. Mr. James Okyere, Techiman District Co-operative Officer, who presented the audited accounts of the union, said the net surplus of the union stood at 59,782,345 million cedis representing 227 percent as against last year's of 18,261,921 million cedis.


Mr. Okyere noted that the union's liquid assets, comprising cash and bank current account of 32,090,441 million cedis, representing 2.1 percent total assets, were favourable as compared to credit union's association's standard of two percent. He said the union recorded a phenomenal growth of 146 percent in total assets from 629.6 million cedis in 2002 to 1,551,200 billion cedis.

Mr. Edward Opoku Mensah, Brong-Ahafo Regional Officer of Credit Union Associations, commended the union for its achievements and entreated members to save more to earn interest in the next financial year. He announced that the CUA delegates' congress would be held in February next year and asked all credit unions to meet CUA obligations in order to be part of the congress.


Mr Emmanuel Twi-Yeboah, Presiding Member of Techiman District Assembly, lauded the credit union concept as a mechanism for alleviating poverty and urged members to save more and to repay loans granted them so that others could also benefit. He charged members to embrace the National Health Insurance Scheme.