Bawku Hospital Credit Union nets 909 million cedis savings

Bawku (U/E), March 25, GNA - The Bawku Hospital Workers Cooperative Credit Union (BHWCCU) increased its net savings to 909 million cedis in the 2005 financial year as against 633.9 million cedis in 2004, representing 43.4 per cent.

Its total shares of membership also rose from 28.3 million cedis in 2004 to 51.1 million cedis, an increase of 46.8 per cent. Mr Mohammed Dinko, the Chairman of BHWCCU who spoke at the 9th annual general meeting at Bawku, said membership also shot up from 190 to 315 within the same period.

He said a total of 803.2 million cedis were disbursed for members to undertake ventures such as housing, transportation, education and as capital for businesses.

Mr Dinko said total assets of the union increased to 1.19 billion cedis from 880 million cedis and that work would soon begin on its new office buildings.

He expressed dismay over the repayments of loans, adding that out of 108.7 million cedis granted only 35 per cent had been recovered as at December 2005.

The chairman said the union has acquired plots to be developed and sold out to members and urged all to take advantage of this to acquire their own houses.

The General Manager of Credit Unions Association (CUA), Mr. Emmanuel Darko, said when workers set their priorities right and save for the future they would not be afraid of retirement. He said placing priorities right calls for diligence and discipline to use resources judiciously for generations unborn to benefit. Mr Darko commended the union for its financial performance within its short existence and expressed the hope to build on its success to improve the welfare of members.

He called on the executive and board members not to rest on their oars but they must be innovative to increase membership and to explore avenues that would bring in more benefits to the union.