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02.12.2004 Regional News

Ashanti credit unions grant 57 billion cedis loans to members

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Kumasi, Dec. 2, GNA -Credit unions in the Ashanti Region have for the past 39 years granted loans to the tune of 57 billion cedis to its members.

Mr Hillary D. Milleyon, Manager of the Credit Union Association (CUA) in-charge of Ashanti and Brong-Ahafo regions who announced this, said the loans were granted mainly to members engaged in agriculture, business, education and medical care as well as housing projects. He was addressing the fourth annual general meeting of the Soil Research Institute (SRI) Co-operative Credit Union at Kwadaso in Kumasi on Thursday.

The meeting was held under the theme: "Credit Union for Life Transformation and Progress".

The Ashanti Region now boasts of 50 viable credit unions and societies.

Mr Milleyon observed that even though activities of the unions had progressed significantly, it was still very important for them to embark on membership drive to increase the number of unions and enhance their financial base.

Mr J.A. Tham, Board Chairman of the SRI Co-operative Credit Union, said during the year under review, the SRI union made great strides in all its activities.

He said total assets of the union increased from 734 million cedis last year to 1.2 billion cedis this year.

"Members savings also now stands at 889.1 million cedis and share capital 66 million cedis", he added.

Mr Tham announced that as part of their plans for next year, the union was to buy a computer to enable them computerize all their activities to facilitate work and output.

He said the union planned to seek, negotiate and procure a parcel of land to offer on soft terms to members for construction of their own houses.

Dr R.D. Asiamah, Director of the SRI, who presided, encouraged the union not to limit its membership to only workers of the SRI but rather open up its doors to neighbouring communities. 02 Dec. 04

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