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24.05.2006 Business & Finance

Birim South Teachers Credit Union makes progress


The Birim South District Teachers Credit Union had a total liquid investment of 292 million cedis in 2005 as against 42 million cedis in 2004.

Mr Hillary Milleyon, Eastern Regional Zonal Manager of the Credit Union Association (CUA) announced this at the annual general meeting of the union at Akyem Oda on Wednesday.

He commended the board on their foresight and expressed the hope that similar investments could be extended to the Central Finance Facility (CFF) deposit scheme, which operates both Time and Normal Deposit accounts with difference interest rates.

Mr Milleyon said CUA paid 16 per cent on CFF deposit, while the banks paid 10 per cent on treasury bills, adding that 12 per cent was paid on Statutory Reserve, which was also higher than the bank rate. On savings and shares, he said there was a little improvement in those areas but urged the board to make it a policy that members must have the minimum shares of 200,000 cedis, before loans could be granted to them.

Mr Alfred Enyan, Management's Chairman in his annual report said management had invested 150 million cedis and 20 million cedis at the Akyem Oda branches of the National Investment Bank (NIB) and SG-SSB Limited respectively.

He said membership of the union now stood at 950, which represented an increase of 12.3 per cent from June 30, 2005 to date. Mr Enyan said their target was to bring all teachers in the district on board and therefore, appealed to members to educate other teachers to join the union.

He said the union was among the best three primary societies out of 21 in the region after auditing by CUA.

Ms Gifty Apanbil, Assistant Regional Secretary of the Ghana National Association of Teachers (GNAT), who was the guest of honour, urged management to operate within the confines of the rules and constitution of the union.

"There should be proper and good records of all your transaction, all records you keep must be in accordance with the laws regulating Credit Unions in Ghana", she advised.