Jasikan (VR), July 9, GNA - Mr Omar Amadu-Dabou, Jasikan District Co-ordinating Director (DCD), on Thursday called on managers of Credit Unions to adopt innovative and appropriate technical software to enable their members to derive maximum satisfaction from their operations. He urged them to engage professionals with entrepreneurial acumen who could forecast and analyse the competitive business environment towards wealth creation.
Mr Amadu-Dabou was addressing the first Annual General Meeting of the Jasikan District Workers Co-operative Credit Union (CUA), at Jasikan.
The DCD stated that employing the right technical expertise and a cost effective of ensuring success in their collective undertaking. He noted that the injection of pragmatic plans and management skills could elevate Credit Unions into a well established financial institution, ready for the rough business environment.
Mr Amadu-Dabou suggested to the Board of Directors to be flexible in their operations and to embark on a membership drive to include business people in both the formal and informal sectors.
Mr Mohammed Fuseini, Deputy Brong Ahafo Regional Co-operative Officer, noted that the CUA standard of 14.2 million cedis constituting 24 per cent of average assets on interest on loans could not be achieved, adding that, the Union recorded only 7.4 million cedis.
Mr Fuseini stated that borrowers failed to repay loans on schedule and urged the management to guard against loan defaulting. He said despite criticisms, the CUA remained the best grassroots institution in the fight against rural poverty, adding that, the stakeholders should take the development co-operatives seriously. Mr Godfred Adanuty, Volta Regional Field Officer of CUA, said the minimum savings required per person was pegged at 100,000 cedis while the minimum shares was put at 300,000 cedis at the National Biennial Conference in Kumasi.
He advised the members to increase their savings to finance their projects and said between 20 and 30 million cedis per person would be paid as turnover on the savings of workers of the Juapong Textile factory after its closure.
Mr Michael Akegie, Acting Chairman of the Union, said a financial outlay of 118 million cedis was realised between March 2003 and June 2005 with 65 million cedis being given as loans, representing 55 per cent of the total assets of the 191 members.
Mr Soloman Donkor, Jasikan District Chief Executive, urged the management to be transparent and advised contributors to refrain from falsifying their pay slips to attract more loans. 09 July 05