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02.12.2005 Business & Finance

Saint Peter's Credit Union makes 1.15 billion cedis profit

By GNA
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Kumasi, Dec. 2, GNA - The Saint Peter's Co-operative Credit Union (SPCCU) made a net profit of 1.15 billion cedis for the 2005 fiscal year as against 1.067 billion cedis in 2004. The union also made savings of 20.195 billion cedis for the year as against 11.844 billion cedis in 2004.

Mr. James Tuffour-Bobie, President of the union who announced this said the union gave out loans totaling 17.139 billion cedis for the same period as against 8.703 billion cedis in 2004. Mr. Tuffour-Bobie was addressing the 35th annual general meeting of the union in Kumasi. He said shares increased to 1.774 billion cedis as against one billion cedis in 2004.

Mr. Tuffour-Bobie said the union's total assets rose from 14.9 billion cedis in 2004 to 25.8 billion cedis this year, representing an increase of 73 per cent. Mr. Emmanuel Darko, General Manager of the Ghana Co-operative Credit Unions Association (CUA), called for measures to encourage and assist low income groups to save regularly to be able to build their capital base in order to improve upon their living standards. He said such assistance would ensure effective planning and commitment by petty traders, especially to the growth and development of their start up capital and the application of financial discipline into their businesses.

Mr. Darko regretted that the people had not been well educated on the habit of saving and most Africans still kept money under their beds and pillows.

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