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03.03.2009 Business & Finance

Credit Unions are best options for borrowers


Credit Unions offer the most competitive advances in the country today, Mr Paul Tsekumah, Chairman of the Ghana Water Company Limited Credit Union in Ho Said.

He said given credit union's low interest rate of about three percent per month, their loans and advances are the best option for low income earners to do business with.

Mr Tsekumah made the assertion at the company Union's seventh annual general meeting in Ho.

He noted that most banks were now charging between 22 and 27 per cent interest on their loans per annum in addition to “hidden charges”.

He said given the state of the world economy, accessibility to loans with minimum interest was crucial to all and advised people to join credit unions so that they could access better loan facilities.

Mr Tsekumah said the GWCL Credit Union in Ho last year granted a little of over GH¢176,948 as loans to members and admonished beneficiaries to invest in profitable ventures for a better future.

He urged members of the union to guard against frequent savings withdrawals in order to strengthen their own capital base and that of the union.