Mfantseman District Teachers’ Credit Union makes progress

The total assets of the Mfantseman District Teachers' Cooperative Credit Union increased from GH¢ 693.53 in 2007 to GH¢883.694 in 2008.

It made a net profit of GH¢34,727 Ghana in 2008 as against GH¢32,269.22 the previous year.

Mr Thomas Abakah, Chairman of the Board of Directors made these known at the seventh Annual General Meeting (AGM) at Saltpond.

Mr Abakah said savings of members increased from GH¢573.407 in 2007 to GH¢717.010 in the year under review, whilst loans to members increased from GH¢320,471.60 to GH¢481,750.58, an increase of 50.3 per cent.

The Board Chairman indicated that the introduction of the Integrated Personal Payroll Date (IPPD2) in July 2007, which deleted the names of the members, who were residing outside the district from the payroll, made the membership to drop from 1,200 to 811.

Mr Abakah announced that the union was putting up an office complex building, which was about 80 per cent complete with an amount of GH¢128.121 so far spent on it.

He said 55 plots of land had been acquired by the union for sale at reasonable term to members who want to put up houses.

The Board Chairman mentioned loan delinquency, high savings withdrawal, and late payment of loans and savings deductions by the Controller and Accountant General's Department as the major challenges the union had to grapple with.

Mr Manasseh A. Yirenkyi, Central Regional Cooperative Officer, appealed to cooperative societies to hold regular meetings to avert rumour-mongering and suspicions.

He called on directors to take prudent measures to address the high loan delinquency canker.

Mr Yirenkyi advised members to increase their shares to at least, a minimum GH¢50.00, as fixed by Credit Union Association (CUA). Ms Vivian Etroo, Mfantseman Municipal Director of Education appealed to teachers to embrace the credit union concept to save them from going to money lenders who demand high interest.