Credit Union Embarks On Housing Project

The Co-operative Credit Union Association (CUA) of the Soil Research Institute (SRI), Council for Scientific and Industrial Research (CSIR), has launched a scheme under which members are assisted to own houses.

It has already acquired and allocated 200 building plots at Twedie and Saadi in the Atwima-Kwanwoma District to interested individuals.

Dr Roland Nuhu Issaka, Board Chairman of the union, said additionally, it had made available sufficient funds for them to source and go into income-generating ventures.

He was addressing the 10th anniversary of the union which coincided with the annual general meeting at Kwadaso in Kumasi.

He said the credit union was making giant strides with a quantum jump in total assets from GH¢5,188.00 in 2000, to GH¢76,603.00 in 2009.

Net surplus also rose to GH¢27,016.92 this year, from the previous year's figure of GH¢9,341.01. Dr Issaka said 15 per cent of the profit had been set aside for dividend payment to shareholders.

He said sometime ago the institute was burdened with numerous financial requests by workers. 'Workers did find it very difficult to pay their wards’ school fees; car loans from the council was almost unthinkable.'

Dr Issaka said CUA had helped to bail out the workers from 'virtual financial captivity', and gave the assurance that the board would ensure transparency and discipline in the management of the shareholders’ funds.

Some members of the union were honoured for their outstanding contribution to its growth.