Nkoranza Teachers Credit Union maintains Grade ‘A’ status
The General Manager of the Credit Unions Association of Ghana (CUA), Mr Emmanuel Darko, has commended members of the Nkoranza Area Teachers Cooperative Credit Union for maintaining the status of Grade’ A’ for six consecutive years and said their good financial practices had laid a sound financial base for the union.
He stressed the need for them to maintain their co-operative spirit, purchase more shares and increase their savings to improve upon their economic standards.
Mr Darko was addressing the 35th Annual General Meeting of the Union at Nkoranza over the week end.
He disclosed that there were 422 Credit Unions and 150 Study Groups in the country but those in Grade’ A’ status were below 15.
Mr Darko therefore said the status of the Nkoranza Area Teachers Credit Union was a clear manifestation that it had a dynamic management that ensured discipline and proper management of their resources and advised other Credit Unions to learn from their shining example.
The Chairman of the Board of Directors of the Union, Mr. Seth Badu, announced the union realised a net surplus of GH¢109,075.78 as against the previous year’s surplus of GH¢94,473.30 which represented an increase of 15.5 per cent.
Mr. Badu said the Ordinary Savings of the Union also increased from GH¢604,914.36 to GH¢781,358.15 and that members’ Special Savings also registered a growth from GH¢85,872.58 to GH¢88,590.69.
The Union offered GH¢1,002,203.00 as loans to some of the members and increased their investment from GH¢315,524.05 to GH¢491,430.85 which recorded a growth of 55 per cent.
The Share Capital of the Union stood at GH¢88, 170.43 and the total interest paid on members savings within the period was GH¢109,075.78.
Mr Badu said in pursuant of their social responsibility to support promising, needy students in the district, the Union offered GH¢1,000 to assist ten students from Nkoranza Senior High, Yefriman Senior High, Busunya Senior High School, Nkoranza Technical and Kwabre Senior High Schools.
The Chairman of the Board of Directors mentioned loan delinquency, irregular savings and low shares purchasing on the part of members as the major challenges that the union faced and urged those concerned with those practices to change their attitudes.
Mr. Badu paid special tribute to the Manager of the Union, Mr Philip Asante-Kudom, for his hard work and efforts in managing the society and said the union’s accelerated development rested on his shoulders.
In an address read on her behalf, the Nkoranza South District Director of Education, Madam Philippa Banson, was grateful to the organisers and founders of the union for coming together to improve their living standards through such viable economic project.
Madam Banson called on all teachers in the district who were not members of the union to register with it to improve upon their livelihood, saying they should desist from contracting loans from “cut throat” public money lenders who would harass them in their homes.
The manager of the union, Mr Philip Asante-Kudom, advised members who sent other people to transact business on their behalf to check their pass books after every transaction in order to save themselves against fraudulent deals.
The Nkoranza Area Teachers Cooperative Union consists of 1,554 members made up of 861 males, 661 females and 32 groups.
Source: Daily Graphic