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05.08.2005 Regional News

GESRO holds annual general meeting in Takoradi

Takoradi, Aug. 05 - GNA-The Ghana Education Service Regional Office Credit Union (GESRO) made a profit of 605 million cedis from July 2004 to June this year. This is against profit of 467 million cedis from July 2003 to June 2004, Mr. Kusi Boachie-Yiadom, Manager of GESRO, announced at the annual general meeting of the Union in Takoradi on Friday. He said total membership deposits of the union increased from three 3.7 billion cedis last year to 6.1 billion cedis this year. Mr Boachie-Yiadom said total assets also increased from four point eight billion cedis last year to 7. 4 billion cedis this year. He said five billion cedis were granted as loans last year and two point three billion cedis was repaid. Mr. Boachie-Yiadom said eight point four billion cedis have been granted as loan this year and so far, four point three billion cedis has been repaid. Mr. Emmanuel Oduro Darko, General Manager of Credit Union Association (CUA), said the recent policy of the government to reduce interest rates on loans is putting pressure on credit unions. He said credit unions are working hard to maintain their membership base as a result of the policy. Mr. Darko said the leadership and memberships of credit unions should not be emotional about the issue. He said they should be able to repackage their products and services to be able to have comparative advantage over their competitors. Mr. Darko said credit unions interest on loans is the lowest on the market and the CUA is studying the situation to come out with the minimum interest that would make them sustain themselves. Aug.03 05