PASS CREDIT UNION BILL INTO LAW — ADU YEABOAH (Page 32)

Story: Samuel Duodu, Techiman

THE Board Chairman of the Ebenezer Co-operative Credit Union Limited at Techiman in the Brong Ahafo Region, Mr Abraham Adu Yeboah, has made an urgent appeal to Parliament to pass the Credit Union Bill (CUB), which is before the house, into law.
According to him, the delay in the passage of the bill had given room to unscrupulous individuals or group of persons to move from one place to another in the name of the Credit Union Association (CUA), collecting people’s money and absconding with or mismanaging them.
He stated that the only way that unhealthy development on the micro-credit front could be curbed and the persons involved brought to book was for Parliament to pass the CUB into law to provide effective means of governance in the credit unions’ operations in the country.
Mr Yeboah made the appeal at the inauguration of a GH¢98,600 office complex for the Ebenezer CUA at Techiman. The ceremony coincided with the 12th annual general meeting of the union.
The board chairman stated that the office complex was built through the contributions of union members, who offered 50 per cent of interest on their savings towards the project.
Mr Yeboah announced that the membership of the credit union increased from 1,379 in 2006 to 1,686 in 2007, showing an increase of 25 per cent.
He added that the savings of the union also increased from GH¢390 million to GH¢430 million while loans granted to the members shot up from GH¢253 million to GH¢260 million over the same period.
According to Mr Yeboah, the union’s assets rose from GH¢536 million to GH¢653 million.
He attributed the union’s success to the sound business practices and principles put in place, which had enhanced the mobile banking system, computerisation and accurate record-keeping.
The Regional Co-operative Officer, Mr Jerome Adopley, announced that Techiman had seven vibrant credit unions in the region.
He therefore called on them to form a consortium, pay an agreed percentage of their net surplus or profit into a fund to set up a technological enterprise that would manufacture hoes, garden forks, watering cans, rakes and other farming implements for small-scale farmers.
Mr Adopley said that would enable Techiman to lead the industrial agricultural revolution in the region.
The Regional Minister, Mr Ignatius Baffour Awuah, commended the board, management and staff of the credit union for putting up such a magnificent office complex which no traditional bank could even boast of.
The General Manager of CUA, Mr Emmanuel Oduro Darko, repeated the call on Ghanaians to develop the culture of saving and move away from frivolous spending, adding that the money that people considered to be insignificant could be saved to meet a future need.
Among the dignitaries at the ceremony were Nana Asare Baffour Twum 11, the Adontenhene of Techiman, who chaired the function and Nana Fosu Gyeabour Appenteng, Hansuahene and Bamuhene of the Techiman Traditional Area.