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16.05.2004 Regional News

ECG inaugurates employee co-operative credit union

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Kumasi, May 16, GNA - There are a total of 45 credit unions in Ashanti and Brong-Ahafo with total savings of 44.8 billion cedis and total assets valued at 57 billion cedis, officials have said.

Mr Hillary Milleyon, Ashanti and Brong-Ahafo Zonal Manager of the Credit Unions Association (CUA), said the level of savings and the total assets showed the importance of the credit union concept. Speaking at the inauguration of the Ashanti regional Electricity Company of Ghana (ECG) Co-operative Credit Union in Kumasi on Saturday, he noted that the credit union concept was a tool for the development of the individual and the nation.

Mr Milleyon therefore called for the acceptance of the credit union principles and practices and advised members who habitually delayed in the payment of their loans to be punctual and faithful in the re-payment of the facility.

Mr Christian Tetteh, Director of Finance at ECG, called on the executive of the various credit unions to be transparent and accountable to the members in the management of their savings and deposits. Mr Tetteh said since ECG found it difficult to grant sufficient loans to its staff, the institution of the credit unions at the regional level would greatly help the staff to access loans at low interests without much difficulty.

It would also help the staff to strengthen their financial base and inculcate in them the culture of savings, he said and asked CUA to intensify its public education to win more people into its fold.