Berekum (B/A), Feb 10, GNA - Mrs. Belinda Addo, Berekum District Director of Education has advised teachers to use their salaries judiciously and avoid taking unnecessary loans and credit facilities. She expressed regret that some teachers take loans and household goods on credit to the extent that at the end of the month they receive "nil" salaries to the detriment of their families as well as the children they teach.
The Education Director was addressing the 7th annual general meeting of Berekum Area Teachers Co-operative Credit Union at Berekum. "If you don't need a loan or a credit facility, don't take it and if you take it make sure you use it prudently by either investing in your children's education or in viable projects".
The Education Director urged teachers in the area to take advantage of the Union and register as members to be able to share in the benefits.
Mr. Prince Yeboah Marfo, Chairman of the Board of Directors, said over the past financial year, the Union disbursed a total of 2,729,500,000 cedis to members as loans.
He explained that loans granted by the Union attracted a lower rate of 19.5 per cent per annum, as compared to the banks, and advised members to save more in order to enjoy bigger loans.
Mr. Marfo said as at the end of June 2004, more than 304 million cedis of members' deposits had been invested in interest-yielding ventures including, the Bank of Ghana Treasury Bills, statutory reserve deposits and CUA central finance facility.
Mr. Kwabena Kyere Yeboah, Berekum District Chief Executive, advised the Union leadership to be circumspect in their dealings and render proper accounts towards the realization of the objectives of the Union. He urged the Union to invest in other productive ventures and appealed to the teachers to explain the national health insurance scheme to the people.