Teachers’ cooperative credit union makes profit

The Ajumako-Enyan-Essiam Teachers’ Cooperative Credit Union made a net profit of 9,669.09 Ghana cedis in 2009 as against 5,081.45 Ghana Cedis in 2008.

It also granted loans totalling 634,082.91 Ghana cedis in 2009 to members as against 554,411.47 Ghana cedis in 2008.

Mr Stephen Bennett, chairman of the Board of Director of the Union, said this at the 8th Annual General Meeting of the Union at Ajumako.

The Union’s total assets increased from 965,267.62 Ghana cedis in 2008 to 1,037,782.44 Ghana cedis in 2009 while members saving improved from 785,780.81 in 2008 to 839,233.72 Ghana cedis in 2009.

Its total income moved from 79,923.64 in 2008 to 91,256.33 in the year under review.

Mr John James Amoah, the founder of the Union, appealed to the Credit Union Association (CUA) Headquarters to ensure that Parliament approves the law establishing the Ghana Cooperative Credit Union Banking to enable credit Unions in the country operate banking.

He said most of the Credit Unions had adequate capital base, resources and facilities to operate as banks.

Source: GNA