MEMBERS of the Nkoranza Area Teachers Co-operative Credit Union in the Brong Ahafo Region, have held their 34th annual general meeting (AGM) at Nkoranza and declared a net surplus of GH¢94,473.30.
The profit which was recorded last year, represented an increase of 110.3 per cent over the GH¢44,926.09 declared by the union in 2007.
The Chairman of the Board of Directors of the union, Mr Seth Badu who announced this, said the ordinary savings of the union increased from GH¢476,113.09 to GH¢604,914.36.
Mr Badu stated that the special savings registered a growth of 23.9 per cent, that was GH¢85,872.58 in 2008 as against GH¢54,075.34 recorded the previous year.
He said the union’s total outstanding loans increased from GH¢456,849.97 to GH¢634,645.58 which represented 38.9 per cent increase.
Mr Badu said the total assets of the union stood at GH¢978,223.55 as against last year’s figure of GH¢719,741.71, representing about 36.0 per cent increase.
The share capitalisation of the union as of June, 2009 was GH¢57,253.86 while the investment figure for the same period was GH¢315,524.05 being 33.1 per cent increase over last year’s figure.
The board chairman disclosed that the union offered some financial assistance to 10 brilliant, needy students selected from the Nkoranza Senior High School (SHS), Nkoranza Technical Institute, Busunya SHS, Kwabre SHS and Yefriman SHS, with each beneficiary student being supported with GH¢1,000.
The Nkoranza Area Teachers Co-operative Credit Union has a total membership of 1,354 comprising 758 males and 574 females in 22 groups.
Mr Badu mentioned the major challenges facing the union as irregular savings on the part of shareholders, loan default and low shares of the people.
The Manager of the union, Mr Philip Asante-Kudom, advised the members to save regularly with the union and also purchase more shares to improve upon the financial base which could also enable them to enjoy bigger loans from the facility.
Mr Asante-Kudom urged members who guaranteed loans for their favourites to monitor the beneficiaries in order to recover them on schedule for others to benefit from the facility.
The manager stressed on the need for the people who sent others to transact business on their behalf to check their passbooks after every transaction.
That, he said, would ensure that accurate statements had been recorded for them.
The Regional Manager of the Ghana Credit Union Association (CUA), Mr Joseph Arko Incoom, commended the management of the union for its hard work which enabled the union to achieve grade ‘A’ status with CUA classification.
Mr Incoom also praised the union for increasing its total assets and urged the members to maintain the standard.