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29.01.2006 Business & Finance

Wa Credit Union increases loans to its members

By GNA

Wa, Jan 29, GNA - The Wa Community Credit Union (WCCU) granted loans of over three billion cedis (3,092,360,700 cedis) to its members last year, to promote their business activities and to support others to acquire certain essential needs to raise their living standards. The amount represents an increase of 45 per cent in the 2004 figure of 2,126,589,147 million cedis.

Business ventures accounted for 72 per cent, Providence loans 18 per cent ten per cent went into agriculture.

Mr Jacob Duorinaa, Chairman of the Board of Directors of the Union made this known in the Board's report presented at the Annual General Meeting of the Union at Wa on Saturday, which focussed on the period ending June 2005. He said total savings during the period under review was 4,766,068,159 million cedis as against 2,962,374,450 million cedis in the corresponding period in 2004, thereby registering an increase of 61 per cent.

The Board Chairman attributed this positive growth to the growing faith and confidence members of the Wa community have in the union. He, however, regretted that the loan delinquency rate had slipped back from 5.8 per cent in 2004 to 15 per cent in the period under review and warned that legal action would be taken against members, who had failed to honour their promise to repay loans granted them. Mr Duorinaa announced that the Union made a net profit of 453.89 million cedis last year as against 284.98 million cedis in 2004, which represented an increase of 40 per cent.

Members who exhibited exemplary leadership, performed creditably in savings or re-paid loans promptly were honoured at the meeting.

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