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27.11.2005 Regional News

Teachers in Twifo Praso to build transit quarters

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Twifo Praso (C/R), Nov. 27, GNA - The Twifo-Hemang-Lower-Denkyira District Teachers' Co-operative Credit Union is to build a 1. 2 billion cedis transit quarters at Twifo Praso to generate more revenue. The project, which involves the construction of 42 self-contained houses, will take of in January next year and would be completed within two years.

Mr Dominic Kuntoh, chairman of the union's board announced this at the Fifth Annual General Meeting (AGM) of the union at Twifo Praso on Friday.

On the union's existing revenue, he said it made a profit of 92.6 million cedis during the year under review, while its total assets, stand at 4.2 billion cedis, representing an increase of 135 per cent over the previous year's.

Total savings stand at 3.6 billion cedis and investment in treasury bills, at 584.6 million cedis, with total shares of 182 million cedis accruing from minimum shares of 200,000 cedis per person. Mr Kuntoh said the union has initiated new products, 'Manna From Heaven' an overdraft facility and 'Adom X'mas and Funeral Loans to enhance the benefits of the union for members. Mr Emmanuel Darko, general manager of the Ghana Co-operative Credit Unions Association, commended the union for its achievement and appealed to the members to make judicious use of loans granted them.