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27.10.2008 Business & Finance

Credit unions urged to support government’s effort to support poor

By gna

Mr Joseph Amoah, Shama District Chief

Executive, on Saturday called on credit unions to support government's effort of creating and distributing funds to the poor and less fortunate in vulnerable communities.

He made the call at the second annual general meeting of the Shama

Community Co-operative Credit Union at Shama at the weekend under the theme: "Growth of the Credit Union - A Shared Responsibility of its Members."

Mr Amoah said credit unions must commit themselves to mobilising savings and lending at low interest rates to improve the standard of living of their members.

He assured the Shama Credit Union of the District's technical support to its activities and advised union members to borrow wisely and prevent misapplication of funds.

Mr Amoah urged members to always endeavour to repay their loans on time and urged leaders of the Shama Credit Union to always negotiate for the lowest interest rates and flexible repayment packages for members.

He said members should also be trained to acquire knowledge in basic

accounting principles to enable them effectively manage their finances.

Mr Berimah Osei Appiah-Kubi, the Manager of the Credit Union, said the

union made a profit of GH¢10,684 after dividend and interest

deduction for 2007/2008 as against GH¢613 for 2006/2007.

He said total assets for 2007/2008 increased to GH¢188,571 from GH¢144,536 for 2006/2007.

Mr Joseph Arthur, Chairman of the Union, said membership increased from 509 as at July 1, 2007 to 800 as at June 30, 2008.

He said savings deposit for 2007/2008 totalled GH¢144,613, an

increase of 49 per cent over 2006/2007 savings of GH¢97.525.

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