Saint Paul's Credit Union increases mobilisation

Kumasi, Feb 3, GNA- The Saint Paul's Catholic Co-operative Credit Union at Amakom in Kumasi mobilised over 2.4 billion cedis in savings in 2003 as compared to 1.1 billion cedis recorded in 2002. In addition, member's shares grew from 4.8 million cedis in 2002 to 112.5 million cedis in 2003.

Mr Fofie Agyeman, President of the Union, announced this at the eleventh Annual General Meeting of the Union in Kumasi on Sunday. He said through its quality services, the membership of the Union also increased from 539 to 938 in 2003.

Mr Agyeman said the Union offered computer training to its entire staff to enhance their efficiency and output, adding that, bonuses were also paid to members.

He, however, expressed concern about the operations of the daily 'Susu' system, which had run into a loss and said some of the 'Susu' collectors owed the Union huge sums of money.

Mr Agyeman said low loan recovery rate was making it impossible for the Union to grant the requisite loans to its members.

Mr Emmanuel Oduro Darko, General Manager of the Credit Union Association (CUA), who spoke on: "Planning and Effective Management of Limited Financial Resources", urged members and the Board of the Union to manage their time efficiently in order to achieve set goals. He said CUA would continue to build the capacity of credit unions to meet future challenges through leadership training, technical support and the provision of essential services to promote and develop credit unions in Ghana.

Mr Darko urged credit unions to provide flexible, convenient and affordable financial services to empower and equip the poor to make their own choices and build their way out of poverty in a sustained and self-determined manner.

Mr Mathew Appiah, Manager of the Saint Paul's Co-operative Credit Union, said the Union had come to stay and was helping many people to improve upon their businesses.