SRI credit union increases savings mobilisation

Kumasi, Feb. 27, GNA - The Soil Research Institute (SRI) Co-operative Credit Union mobilised 526.2 million cedis in savings in 2002 as against 325.8 million cedis bagged in 2001. Total assets of the union also rose from 418.4 million cedis in 2001 to 735.3 million cedis in 2002.

Mr Julius Addo Tham, Chairman of the union, announced these at the third annual general meeting of the union at the SRI in Kumasi on Thursday.

He said the union granted a total of 519.4 million cedis as loans to its members, adding that, 200 million cedis of the amount was granted to members to buy plots and building materials to enable them to build their own houses.

Mr Tham said the union paid 16 per cent interest on savings of each of the 301 members, 20 per cent on shares to each member, all amounting to 6.2 million cedis and 90 million cedis to its creditors. Mr Tham announced that the union was assisting people in its catchment area to embrace the policies of credit union, adding that, this year, the main focus of the union would be to encourage members to save towards their children's education.

He said the union introduced an overdraft system to generate more revenue for the union and appealed to members to increase their shares and savings to boost the capital base of the union.

Mr Hillary Milleyor, Credit Union Association (CUA) zonal manager for Ashanti and Brong-Ahafo regions, said as at June 2003, the 45 viable credit unions in the Ashanti region had realised a total savings of 55.8 billion cedis and granted loans to members to the tune of 27 billion cedis.

He said credit unions had played a major role in the socio-economic development of the country.

Mr Milleyor appealed to Parliament to enact a law to protect credit the unions.