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18.03.2008 Business & Finance

1.2 Billion Cedis Credit Union Office Commissioned

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A modern office complex for the Anaji Christ the King Credit Union (ACTKCU) was commissioned over the weekend. The building, which was financed by the members of the union, would serve as a banking hall, board room, conference room, manager's office and other offices.

Commissioning it Mr Anthony E. Amoah, Western Regional Minister, said the vision and determination of the members had demonstrated that poverty could be alleviated only if those involved were determined to do so.

He said the union had set a good example and all its members must emulate and change their perception about life and prosperity.

Mr  Amoah urged the management to ensure that they followed appropriate and reliable business methods that would expand their operations and attract more members into the union.

He said it was sad that many individuals had mismanaged funds deposited with them and this had eroded the trust of many people from small and micro credit institutions.

Mr  Amoah said there were a few genuine ones who should be supported to set the pace for others to follow.

Mr  Emmanuel Oduro Darko, General Manager of the Ghana Cooperative Credit Union, said Ghanaians should not just access any loan that would enslave them but should source for loans that would lessen their financial dependence and make them less stressful.

He said loans alone could not solve the problems of anyone if it lacked the proper planning and prudent use of resources.

Mr  Darko said several individuals spent lavishly without considering the effects of their actions and become embedded in debts.
He appealed to Ghanaians to consult any registered credit union for financial counselling to enable them makes wise and prudent financial decisions.

Mr  George Twenebaoh-Koduah, Board Chairman of the ACTKCU, said the union which started in December 1999 at the Christ the King Methodist Church at Anaji Estates, has a membership of 1,502 as at June last year.

He said members contributed 42,400.12 Ghana cedis as house shares for the construction while loans increased from 256,887.85 Ghana cedis in 2005 to 406,617.67 Ghana cedis.

Mr Tweneboah-Koduah said the total assets of the union rose from 168,752.02 Ghana cedis in June 2005 to 561,012.76 Ghana cedis in June 2007. 

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