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22.01.2013 Business & Finance

Pay back loans on time to sustain Credit Unions

By GNA
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Kumasi, Jan 21, GNA - The Ashanti Regional Manager of the Credit Union Association (CUA), Mr Emmanuel Afrifa, has expressed concern about the high incidence of loans default which he said was affecting the growth of the credit unions.

He has therefore appealed to loan beneficiaries to make sure that they pay back on schedule.

He was addressing a meeting held by the Anglican Diocesan Co-operative Credit Union in Kumasi at the weekend.

Mr Afrifa said the credit unions were established to pool resources to give them some financial security and comfort - help to give them support to undertake economic activities and appealed to members to make regular savings to raise the capital base of the unions.

Dr Edward Prempeh, the Board Chairman, said the CU, which was established 10 years ago, had contributed enormously to the economic well being of its members and that it had been an important financial intermediary, providing support to them in times of financial need.

Additionally, it had also aided the fight against poverty by giving out soft loans to those in the low income bracket.

GNA

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