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Business & Finance | Mar 29, 2004

Credit Union to take defaulting customers to court

GNA

Dormaa-Ahenkro (B/A), March 28, GNA - The management of Chance Brothers Co-operative Credit Union at Dormaa-Ahenkro in Brong Ahafo is to take legal action against 52 members for defaulting to repay a total of 180 million cedis granted them as loans. Mr. Albright Opoku-Kyeremeh, Secretary of the union who disclosed this at the union's monthly meeting said management took the decision after fruitless appeals to the defaulting members to repay. He said the union made total savings of 1.7 billion cedis from July last year to February this year.

The union within the same period granted 1.2 billion cedis in loans to 432 members to enable them to expand their businesses, the secretary added. Mr. Opoku-Kyeremeh said the inability of some members to pay back loans granted them on time had crippled the financial operations of the union and urged them to desist from the practice.

Mr. Samuel Kwame Yeboah, a board member of the Ghana Co-operative Marketing Association announced that the Credit Unions Association (CUA) of Ghana would host the conference for Africa Credit Unions this year in Accra. It is the responsibility of the CUA to employ a number of auditors to check the accounts of the various branches of the Union to ensure their effective operations, he added. Mr. Yeboah commended the credit unions for assisting members financially and appealed to members to work harder to sustain the operations of the unions. Mr. S.A.G. Ntow, a member of the union, who presided, asked members to renew their commitment to its growth.

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