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02.03.2009 Business & Finance

Dormaa Teachers Credit Union takes steps to boost savings

By gna

Dormaa Teachers Cooperative Credit Union, has introduced two initiatives to boost savings among its members.

The first is the opening of youth saving clubs in three educational institutions and the second, the introduction of “Bobrapa” savings boxes to enable small business owners to make savings at home.

Addressing the union's 9th annual general meeting at Dormaa-Ahenkro, Mr Paul Amo Owusu-Budu, out-going Board Chairman said so far 82 pupils of St. Dominic Junior High School in Dormaa-Ahenkro had embraced the youth savings ideas.

Dormaa and Mansen Senior High Schools have also registered 45 and 19 members respectively in their clubs, he said.

Mr Owusu-Budu stressed that the youth savings idea was aimed at instilling in the students the habit of savings.

“It is prudent to introduce the youth to the practice of setting aside part of their income for future purposes. This way, they will be drawn to self-sufficiency and efficient resource management in their adulthood,” Mr Budu said.

He said the union's total assets as at the end of the 2007/2008 year increased by 71 percent from GH¢676,550 to GH¢1.160 million, he said.

The outgoing Board Chairman announced that membership of the union also increased by 33 per cent from 1,224 to 1,630, exceeding its projected 30 percent target for the year under review.

He said while shares and savings also appreciated tremendously over the past year, interest on loans and dividend paid to shareholders increased exponentially.

The Board approved GH¢46,402 as interest on savings while dividend on shares stood at GH¢20,098, Mr Budu noted.

He, however, deplored the high rate of withdrawals from savings by members, which he said was defeating the primary objective of the union, noting that some members withdrew the chunk of their monies after a short period, making their records too weak for the future.

Mr Budu lauded the performance of the union's microfinance groups and urged them to meet regularly to discuss emerging opportunities.

He stated that the outgoing board initiated several development projects, including a computer school and a secretarial services department.

Mr Barima Yeboah Kumi Kordie, Dormaa Aduanahene, who presided over the meeting, cut the tape to open the ground floor of the union's three-storey offices under construction.

The following constituted the union's new board: Mr Kwasi Siaw, Chairman, Mr Nicholas Agyapong, Vice Chairman, Mr Daniel Tabiri, Secretary and Madam Charity Afari-Mintah, Treasurer.