Youth Savings Club saves 10.3 million cedis in two years

Kumasi, April 20, GNA - The Youth Savings Club of the Dunwell Co-operative Credit Union of the Dichemso Dunwell Methodist Church has since its formation about two years ago, mobilised 10.3 million cedis. Started with a membership of eight in 2002 by Mrs Elizabeth Duah, a member of the Dunwell Co-operative Credit Union, the Youth Savings Club now has a membership of 65.

This was made known at the fourth Annual General Meeting of the Dunwell Co-operative Credit Union in Kumasi on Sunday. Presenting his annual report, Mr Kenneth Sarpong, Chairman of the Board of Directors, said the union's total savings for 2003 stood at 659.6 million cedis, which was 64.5 per cent increase above the previous year's figure of 38.8 million cedis, while total deposits rose from 459.5 million cedis the previous year to 916.5 million cedis last year. Mr Sarpong said loans increased from 104.8 million cedis to 411.7 million cedis, whilst interests on loans rose from 24 million cedis in 2002 to 87.1 million cedis in 2003.

He said in spite of the default in the payment of loans, the executive intensified their membership drive, which had seen a steady increase of its membership to 250 within its four years existence and commended them for their excellent work.

Mr Emmanuel Donkor, General Manager of Credit Unions Association (CUA), disclosed that the association had since 1997 granted loans totalling about 240 billion cedis to its members.

About 70 per cent of the loans, he said, went to various women's groups and other private ventures to boost their businesses. Mr Donkor said in its bid to inculcate the habit of savings into the population, CUA was extending its services to the rural areas to reach out to the poor.

He entreated the government to support the activities of the association so as to enhance its objective of using savings as a tool for wealth creation.

The Right Reverend Nuh Ben Abubekr, Methodist Bishop of Kumasi, who chaired the function, called on stakeholders to sensitise their colleagues to join credit unions in order to enable them to go into profitable ventures.

Mrs Elizabeth Duah was later honoured for the role she played in establishing the Youth Savings Club. 20 April 04