Toase area teacher's credit union increases its capital to 162.727

million cedis

Toase (Ash), Aug 3, GNA - The Toase Area Teachers Credit Union granted 161.1 million cedis as loans to its members from January to June this year as against 153.2 million cedis granted to them during the whole of the previous year.

Nana Osei Manu, chairman of the union, who disclosed this said during the same period, the union's share capital increased from 151 million cedis to 162.729 million cedis, an interest of more than 11.7 million cedis. He was speaking at the general meeting of the union at Toase in the Atwima District on Friday to discuss its audited statement of accounts for the first half of the year.

Nana Manu was not happy about the attitude of some defaulting members who have persistently refused to pay their loans and had also stopped paying their monthly contributions to the union and advised them to pay their contributions and loans promptly to help improve its financial base.

Mr S.K. Owusu, the Union's treasurer, warned the members against any acts and attitudes that tend to undermine the progress and financial sustainability of the credit union.

Mr B.K. Afranie, the secretary, noted that the major objective of the union is to assist the members in time of need and protect them against exploitation from money lenders and other financial institutions who collect exorbitant interests on loans granted to teachers. In a resolution adopted after the meeting, seven members who have defaulted in the payment of loans granted to them after persistent reminders were expelled.

The meeting also resolved that members should channell their monthly salaries through Atwima-Mponua Rural Bank, the union's bankers to make it easier for the identification of defaulters and institute prompt action to retrieve the loans.