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12.03.2007 General News

Hohoe District Teachers Credit Union improves savings

By : GNA
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The Hohoe District Teachers Co-Operative Credit Union Limited (HODTECCU) has improved its total savings by 67 percent from 3.6 billion cedis to 6.0 billion from July 2005 to June 2006.

Its loans portfolio also increased from 3.2 billion cedis to 4.9-billion.

Shares also soared to 323.2 million cedis in 2006, signifying a 17 percent growth over the 2005 figure of 277.2 million cedis.

Mr Leonard K. Apatey, Board Chairman of HODTECCU announced this at the bank's seventh Annual General Meeting (AGM) at Hohoe on Saturday.

The AGM was under the theme, "Credit Union-A Tool for Financial Empowerment" and sponsored by Gold Coast Securities (GCS) Limited.

He said HODTECCU's interest on savings appreciated from 295 million cedis to 487 million cedis, an increment of 65 percent with dividend on shares rising to 48.5 million cedis from 41.5 million cedis, a 17 percent increment.

Mr Apatey said the Union's liquid investment rose to 1.9-billion cedis from 789.1 million cedis, an increase of 41 percent, with membership increasing to 2,083 in 2006 from the 1,860 figure in 2005.

He said the Union, which started with 37 members in 1999 had also been able to refurbish its Offices with the state-of-the-art equipment to enhance efficiency and security of their operations.

Mr Apatey said the union's new products include the retirement deposit, "Xesiayi" package, savings for minors and the widening of its common bond to admit traders, farmers, artisans and other organized groups.

Mr Fidelis B. Bazaana, Deputy General Manager-Technical Services of CUA said a total of 584.2-billion cedis was mobilized as deposits with outstanding loans amounting to 398.4-billion cedis within the period under review.

He said CUA's total national assets from a total countrywide membership of 202,390 were worth 702.2-billion and providing employment to 670 Ghanaians.

Mr Bazaana said the surest way to mobilise deposits was to create employment and wealth, so it was imperative for the Bank of Ghana to expedite action on the passage of the proposed Credit Union Bill to facilitate their operations to optimise profits.

Mr Bazaana commended HODTECCU for being the best-organized and fast growing branch in the country.

Mr Stephen Dzokpata, National Treasurer of CUA said an award scheme for managers and administrators of Credit Unions would be instituted soon to help raise standards and professionalism in their operations.

Mr Adu Donkor, Volta Regional Chairman of CUA said the Credit Union scheme remained the only viable entity to alleviate poverty in line with the Ghana Poverty Reduction Strategy (GPRS).

He bemoaned recent phenomenon where unqualified members were granted loans, saying it was unprofessional and must be stopped.

Mrs Juliet Dede Kumah, Hohoe District Director of Education implored teachers to shirk despondency and other prejudices to join the Scheme to help them gain economic power.

Mr Richard Adom, a representative of GCS said HODTECCU's new retirement product was a venture worth exploiting and suggested the stock market and mutual funds as other areas, which can be consideration.

Source: GNA