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22.12.2005 Regional News

Ghanaians advised to mobilise resources towards poverty reduction

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Effiakuma (W/R) Dec. 22 - GNA-Mr. Emmanuel Darko, General Manager of the Credit Union Association (CUA) of Ghana has noted that the failure of many people to plan and mobilise their resources together as capital to establish economic ventures had contributed to the increasing poverty in society.

"We must work together and drive away poverty from our communities, churches and homes" he stressed. Mr. Darko said these at the sixth annual general meeting of the Anaji Christ the King Credit Union at Effiakuma. He said many people preferred to spend their scarce resources on funeral clothing's, alcoholic beverages and flamboyant lifestyles and fails to plan for their future security. CUA Ghana now has a total membership of 174,000 with a total contribution of 425 billion cedis.

Mr. Darko explained that CUA members were ordinary people who are determined to change their lifestyles for the better. He said the credit union concept was aimed at assisting the poor in society to transform their lives, teach them to make regular savings and have a goal in life, while preparing for a financially secured future. "He stressed that loan repayment should be the hallmark of each member in order to sustain the union.

Mr. Darko therefore, advised Ghanaians to stop justifying their poverty and find alternative means of eradicating poverty from their midst.

"If you don't control your finances, you cannot make a headway in life" he stressed Mr. George Tweneboah-Kodua, Board Chairman said the union made a net profit of 46.8 million cedis for the 2005 financial year and granted loans totalling 1.4 billion cedis.

He said the union mobilised 1.2 billion cedis through savings and 160 million cedis in membership shares, while constructional work had began on a 400 billion cedis office complex at Anaji. Mr. Tweneboah-Kodua said the union, which started in 1999 with 50 members, now has a total membership of 1014.

The Board Chairman appealed to members to buy more shares and make the union financially sound.