THE Nkoranza Area Teachers’ Co-operative Credit Union in the Brong Ahafo Region was adjudged the best credit union in 2006/2007 according to a classification exercise conducted by the Credit Union Association (CUA) within that period.
The union also emerged the best participating credit union in the CUA Risk Management Programme.
The leadership of the CUA presented certificates of honour and two 24-inch colour television sets to the union for its impressive record.
The Chairman of the union, Mr Seth Badu, announced at the union’s annual general meeting at Nkoranza.
Mr Badu also stated that the union realised a net surplus of GH¢44,926.09 in 2006 as against GH¢32,670.64 the previous year.
He said the total loans granted to members in 2007 was GH¢643,217 as against the previous year’s of GH¢386,099.52.
The Board Chairman said as part of its social responsibility, the union gave out GH¢600 financial support to six brilliant, needy students from the Nkoranza Senior High School, adding that the union would extend the assistance to the two private SHSs at Yefri and Akuma next year.
Mr Badu mentioned loan defaulting, low share holdings of the members and irregular savings by members as some of the challenges of the union.
He, therefore, pleaded with the guarantors to monitor the loan repayment system of the people to whom they guaranteed loans.
Mr Badu advised members of the union to increase their shares and also save regularly so as to increase the union’s capital base.
The Brong Ahafo Regional Manager of CUA, Mr Joseph Arcko Incoom, commended the management and board of directors of the union for their hard work, which had enabled it to chalk up such impressive successes.
Mr Incoom also praised the leadership of the union for its educational campaign, which had increased the membership to 1,276.
In an address read on his behalf, the acting Nkoranza District Director of Education, Mr Kwadwo Osei-Asibey, called on all teachers in the district to join the union in order to receive financial assistance in time of hardships.
He paid glowing tribute to the board of directors and the management of the union for organising annual general meetings to account for their stewardship.
The Manager of the union, Mr Philip Asante-Kodom, urged the members to increase their savings.