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15.05.2008 Education

Twifo-Hemang Teachers Co-op Facing Crisis

By Times Reporter -
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THE failure of members of the Twifo Hemang Lower Denkyira District Teachers Co-operative Credit Union to pay back loans is affecting the operations of the union, says Dominic Yaw Kontoh, board chairman of the union.

He said the problem of the union has been compounded by the deleting of names of the union members who are on study leave outside the region by the Accountant Generals Department.

Mr Yaw Kontoh who was speaking at the 6th annual general meeting of the union held here at the weekend said most often members of the union who accessed loans from the union and went on study leave or transferred outside the region refused to pay back the loans.

He therefore appealed to members who owe the union to pay back their loans for others to also benefit.

On the financial performance of the union last year he said the union recorded a net profit of GH¢11,831,000 against a working capital of GH¢699,359.09.

Mr Kontoh stated that the union could not achieve the targeted net profit because of the delay by the Controller and Accountant General’s Department to effect loan deductions from members who accessed the union’s loans.

“It is also sad to note that neither loan nor saving deduction was made for the society for October 2006. However, payment of loans and other financial services by the society to its members went on without liquidity problems,” he said.

On savings he said the union recorded GH¢485,472.43 in 2006 as against GH¢578,215.79 recorded last year.

Mr Kontoh however, decried the decline in saving in percentage points and advised members to increase their rate of savings.

“It is very important that members cultivate the habit of cash payment of savings and loans repayment,” he said.

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