Ho, March 13, GNA - Savings of the Ho Ghana Water Company Limited (GWCL) Employees Cooperative Union Credit Union by the close of June 2004 rose to 389.1 million cedis, from 202.5 million cedis in 2003.
An audited financial report presented to the Union's third Annual General Meeting on Saturday declared a net profit of 19.8 million cedis - five times higher than the previous year's 3.6 million cedis. Current loans to members amount to 290.6 million cedis and value of total assets is 472.7 million cedis.
The Union, the only credit union within GWCL countrywide, operates an open bond system, which allows for membership from other workplaces. It has, therefore, attracted membership from workers of adjoining organisations in the municipality, including the Public Works Department (PWD), Ghana National Fire Service (GNFS) and National Commission for Civic Education (NCCE).
Mr Stephen Dzorkpata, Chairman of the Ho Teachers Credit Union who was Guest Speaker, called for transparency and full disclosure of all financial transactions of credit unions. He said Directors with "delinquent" loans should consider themselves unworthy to guide the unions and must resign or be removed. Mr Dzorkpata also said it was not prudent for directors of unions or other office holders to engage close relatives for jobs for unions they represented.
Mr Clemence Collins Ahiagbede, Board Chairman of the Union lauded its leap over the year in terms of savings mobilisation and membership, which he said rose from 217 to 307. He regretted, however, that members' share capital of 100,000 cedis each was still below recommended Cooperative Credit Union (CUA) minimum of 200,000 cedis per member.