Workplace Credit Unions are re-branding to cover more grounds, increase membership and raise capital bases.
As part of the drive (re-branding), the Unions were shedding restrictive names linking the groups to their workplaces or professional groupings and assuming catchy and even celestial ones.
Mr. Emmanuel Andam, Volta Regional Cooperative Officer told the Ghana News Agency (GNA) during the 13th Annual General Meeting of the Ho District Teachers' Cooperative Credit Union on Friday in Ho, that the unions were tapping into the growing popularity of that concept of 'pooling savings and offering member-contributors credits with low interests'.
The Ho District Teachers' Cooperative Credit Union Ltd is now known as New Vision Cooperative Society, Jasikan District, Golden Opportunity Credit Union, Hohoe District Universe and Akatsi District Ultimate Credit Union.
Mr. Andam said the new names would also enable the Accountant General's Department track and deduct amounts in loan repayments due the Unions wherever those clients were in the country.
Mr. Stephen Dzorkpata, Outgoing Chairman of the Board, listed withdrawals, non-payment of loans and the high incidence of members using savings to offset loans as some of the challenges.
He said despite the harsh economic conditions, the Union made a marginal net surplus of 6,360.18 Ghana cedis.
"Our expectations were not met.... but we have cause to smile a little because we have not gone bankrupt," Mr. Dzorkpata stated.
Mr. Emmanuel Darko, General Manager of Credit Unions Association, Ghana, said credit unions were the "best bet" for the wellbeing of the Ghanaian worker.
He said while a bank loan might be like a noose around the neck of that borrower, credits from credit unions were human development centred.
The first phase of the union's 250,000 Ghana cedis permanent office block was commissioned.