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09.03.2006 Regional News

Volta region credit unions rated best in Ghana

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Aflao, March 09, GNA - The Credit Unions Association (CUA) of Ghana has rated the Volta Region as the best in credit union management in the country.

Mr Emmanuel Darko, General Manager of CUA announced this when addressing the 11th Annual General Meeting of the Ketu District Teachers' Cooperative Credit Union (KDTCCU) at Aflao on Tuesday. Mr Darko said sound management and setting of priorities were crucial for the individual to gain economic independence. He therefore, urged workers to embrace the credit union concept to transform their lives.

Mr Darko said CUA was heartened by the continuous credible performance of KDTCCU.

He observed that the high poverty among Ghanaians was due to lack of effective savings system in the country.

Mr Darko said when strategies were adopted to encourage the citizenry to save some money and put them to productive use poverty among the people would be reduced in the country. Mr Peter Atisu, Board Chairman of KDTCCU said the union's membership increased by 14.1 per cent from 432 members in 2004 to 493 in 2005.

Liquid investment increased by 92.9 per cent from 219.4 million cedis in 2004 to 423.2 million cedis in 2005. Loans granted increased by 92.9 per cent from 487.6 million cedis to 960.7 million cedis while incomes increased by 49.8 per cent from 184 million cedis to 275.6 million cedis.

Mr Atisu said the Union refurbished a new office at 29.5 million cedis and had acquired a plot of land at 49 million cedis for a permanent office block.

He expressed concern about the inability of some members to take delivery of four corn mills that had been acquired on their behalf. Mr Atisu warned the members to refrain from such negative practices such as frequent withdrawal of savings, loan delinquency and attempt by indebted members to guarantee loan for others. 09 March 06

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