CREDIT UNION MAKES STRIDES (GRAPHIC NSEMPA, PAGE 3, FEB 8, 2010)

By Akwasi Ampratwum-Mensah, Sunyani

THE Sunyani Municipal Teachers’ Co-operative Credit Union recorded a net surplus of GH¢10,642.35 in its operations in the last financial year.
The amount was about 100 per cent improvement over the previous year’s figure of GH¢5,130.42. Consequently, the union had maintained its Grade “B” status.
Within the same period, the union disbursed a total of GH¢405,620.74 as loans to its members, representing an increase of about 66.9 per cent over the previous year’s amount of GH¢244.207.
The purpose of the loans to the members, was to enable them to meet urgent financial obligations such as payment of school fees, settlement of medical bills, housing projects, agriculture, purchase of vehicles, promotion of small-scale businesses as well as meet other social needs.
Mr Emmanuel Boafo, the Chairman of the Board of Directors of the union, who disclosed this at the Annual General Meeting (AGM) of the union in Sunyani, also disclosed that there was an increase in members’ savings from GH¢413,874.66 in 2008 to GH¢555,202.03 in 2009.
He explained that the increase was mainly due to the trust and confidence members had in the leadership of the union.
According to Mr Boafo, the total share capital for members was now GH¢45,233.26 as against that of the previous year’s total of GH¢32,106.28.
He pointed out that the management of the union had embarked on a membership drive, which involved hardworking committee members of the union moving from house to house, work and marketplaces to educate people and introduce them to the use of micro savings boxes.
That activity, he said, yielded positive results and that the union now had 1,230 members as against 748 the previous year.
He added that the union had distributed 313 macro savings boxes as against 116 in the previous year.
Mr Jerome Adopley, the Brong Ahafo Regional Director of Co-operatives, announced that the existing co-operative law would be reviewed to give emphasis on employment generation and poverty reduction.
Under the review, he said, provision would be made to support co-operatives in areas of tax benefits, access to loans and credits, while artisans and other tradesmen and tradeswomen, including farmers would be encouraged to form strong district, regional and national associations.
According to the Regional Co-operatives Director, there would also be capacity of members in the areas of basic knowledge about their income and expenditure to enable them to desist from frivolous spending.