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Business & Finance | Feb 2, 2005

We hold key to poverty alleviation -Credit Unions chief

GNA

Kumasi, Feb 02, GNA - Mr Emmanuel Darko, the General Manager of Credit Unions Association of Ghana (CUA), has said credit unions held the key to poverty alleviation in the country.

He said the credit union concept was the surest way of increasing people's capital and incomes.

Speaking at the 12th annual general meeting of the Amakom Saint Paul's Co-operative Credit Union in Kumasi on Sunday, Mr Darko reiterated the call on Ghanaians to develop the culture of saving. He appealed to people to think of the future and plan effectively towards achieving progress.

Mr Mathew Appiah, Manager of the Amakom Saint Paul's Co-operative Credit Union, announced a profit of 168.2 million cedis after tax and this is an increase of 400 per cent over the 2003 profit of 41.8 million cedis.

The union's share capital rose from 112 million cedis to 316 million cedis, while savings increased from 2.4 billion cedis to 3.8 billion cedis.

It gave out loans totalling 3.1 billion cedis as against 1.9 billion cedis in 2003 and named the areas into which the loans went as housing, agriculture and other ventures.

Mr Appiah attributed the excellent performance of the union to continuous public education, pragmatic financial management, dedication and commitment on the part of the staff of the union. Nana Darko Mprah, Nitibansohene and a linguist of the Asantehene, advised the union to investigate the background of people before giving them loans and also educate the members on good management skills to enable them manage their businesses properly.

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