Regional News Sun, 22 Feb 2004

Techiman Teachers Credit increases savings

Techiman (B/A), Feb 22, GNA - The Techiman Area Teachers Co-Operative Credit Union made a total savings of 775.8 million cedis from July 2002 to June last year as against 404.3 million cedis the previous year, indicating a 92 per cent increase.

The Union also paid a total of 54.1 million cedis as 10 per cent interest on members' savings as against 32.6 million cedis the previous year, Mr. M.Y. Asante, Chairman of the Board of Directors, disclosed in his report at an annual general meeting in Techiman. He said the share capital of 12,4 million cedis for the previous year rose to 25.9 million cedis and the Union paid five million cedis as dividends to members.

The Board Chairman said the Union had decided to sponsor three pupils in basic schools in the municipality to senior secondary schools, cover other salaried workers and to put up an office.

Mr James Okyere, Techiman Municipal Co-operative Officer, who presented an audit report, said the Union had a net surplus of 24,653,015 million cedis as against last year's 12,232,298 million cedis.

The Union's total investment stood at 132 million cedis, comprising 115.7 million cedis in liquid investment and 16.3 million cedis in Credit Union Association (CUA) deposits.


He said the Union granted a total of 643,850 million cedis in loans to 235 members for provident, agriculture, training, transport and housing projects.

Mr Isaac Oppong-Manu, Brong Ahafo Regional Co-operative Officer, called on members to increase their share capital.

Mr Edward Opoku-Mensah, Brong Ahafo Regional Field Officer of the CUA, announced that the Association had set up a loan insurance policy for all credit unions in the country and asked the Union to take advantage of the opportunity to insure members.

Mr Emmanuel Owusu-Ansah, Manager of the Union, said membership rose from 502 in June 2002 to 959 in June, last year.

He deplored the constant withdrawals of savings by members, low share holding of teachers as well as lack of office equipment confronting the Union.

Source: GNA