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23.02.2005 Business & Finance

Nkoranza Credit Union makes profit

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Nkoranza (B/A) Feb. 23, GNA - The Nkoranza Area Teachers' Co-operative Credit Union in the Brong-Ahafo realized a net profit of 221,078,924 cedis, at the end of June last year.

Mr Alex Baffoe-Nkrumah, Chairman of the Union who announced this at an Annual General Meeting at Nkoranza said the figure represented 8.6 percent of total assets, above the standard five per cent. He said ordinary savings increased from 1,186,535,976 cedis to 1,765,657,792 cedis while special savings rose from 31,219,195 cedis to 123,427,380 cedis, within the period under review.

The Union granted loans totalling 2,027,616,000 cedis to members. Mr Baffoe-Nkrumah said the main challenges facing the Union were low savings and loan delinquency and called on members to help reverse the situation.

Mr Edward Opoku-Mensah, Regional Field Officer of the Credit Union Association, asked the Co-operative Union to extend their services to non-teaching staff in the District.

Mr Isaac Osei-Antwi, Techiman Municipal Chief Executive and acting District Chief Executive for Nkoranza advised teachers to be circumspective in their sexual behaviour to avoid contracting HIV/AIDS. The Union offered three million cedis as scholarship to four students in the District.

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