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16.02.2009 Business & Finance

Techiman Credit Union makes profit


Mr. Emmanuel Oduro Darko, General Manager of Credit Union Association (CUA), has said many credit schemes and other poverty alleviation projects had failed because strategies designed to assist the poor had rather betrayed people in communities they were intended to improve.

Mr. Darko who spoke at the 13th annual general meeting of the Techiman Ebenezer Cooperative Credit Union said “it is extremely difficult to assist people who want to impress on society that they are poor”.

Mr. Darko appealed to customers of the credit union to be truthful in discharging their duties by repaying the loans granted them and to use such loans profitably.

Mr. James Okyere, Techiman Municipal cooperative officer, said the union recorded a surplus of GHC 36,968 as against GHC 30,084 during the 2007-2008 financial years.

The total income of the union stood at GHC 107,374 as against GHC 106,270 in 2007 whilst the total assets went up from GHC 653,405 to GHC 807,843 an increase of 24 per cent as compared to the previous year of 11 per cent.

Mr. Sampson Antwi-Boasiako, Board Chairman of the union, said membership had increased from 1,686 in 2007 to 2,171, while member savings also increased from GHC 433,403 in 2007 to GHC 630,717 in 2008 an increased of 46 per cent as compared to the previous year of 11 per cent.

He said during the period under review, the micro economic environment was not favourable; however, the board managed to pay five per cent on member's savings and also paid 10 percent as dividend on member's shares.