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06.08.2009 Business & Finance

STESS increases assets/savings

By gna
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Takoradi, Aug 3, GNA - The Sekondi-Takoradi Teachers Support Scheme's (STESS) assets rose by 20 per cent from 297,445.95 Ghana cedis to 371,807.22 Ghana cedis between 2007 and 2008.

Also, members' savings increased by 222.3 percent from 248,226.00 Ghana cedis to 551,710.09 Ghana cedis.

Mr James Mike Abban, the Managing Director of STESS, said this at the scheme's Annual General Meeting in Takoradi.

He said withdrawal from savings amounted to 61,358.00 Ghana cedis while refunds amounted to 5,999,222.50 Ghana cedis for which the scheme lost 2.5 per cent.

“The improvement in members' savings could have been phenomenal if many members had not withdrawn their savings”, he said.

Mr Abban said some members, especially those in active service, are not upholding the credit union concept of savings which is “taking loans to service your activities and allowing your savings to grow for the future”.

Mrs Mary Caroline Amegavlui, the Board Chairman of STESS, said to enhance the efficiency of the scheme and encourage more people to save, a new product known as “susu” had been introduced for the public.

She said the scheme, which started with 11 members 25 years ago, now has over 2,700 people from Sekondi-Takoradi Metropolis, Shama, Axim as well as Tarkwa.

She said the scheme would institute a scholarship scheme for brilliant but needy students in its catchments area.

GNA

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