Techiman credit unions make profit

Nine Cooperative Credit Unions in the Techiman Municipality in Brong-Ahafo Region made a total net-profit of GH¢393,994.13 for the 2009/2010 financial year.

This represented 9.53 per cent increase of GH¢234, 538.78 made in the 2008/2009 financial year.

The unions are Ebenezer, Presbyterian Trinity, Abotareye, Area Teachers, Abosomakutare, Tamsoa, Standard, Assemblies of God Church and Buoyem Community.

Mr James Okyere, Techiman Municipal Co-operative Director, who disclosed this to the Ghana News Agency, said Abosomakutare Credit Union emerged the best credit union out of the nine groups.

Mr Okyere stated that the income of the nine credit unions over the period under review stood at GH¢1, 272,297.73 as against GH¢903,514.67 of 2008/2009 representing an increase of 40.82 percent in the 2009/2010 fiscal year.

He indicated that the total assets of the nine unions stood at GH6,507,043.92 for 2009/2010 as against GH¢4,559,265.58, summing up to 42.72 percentage increase.

Mr Okyere said within the 2009/2010 period, the nine credit unions granted loans to the tune of GH¢2,415,778.79 to members, indicating 52.49 percent of their total assets whilst their operating shares rose from GH¢273,805.24 in 2008/2009 to GH¢396,895.56 in 2009/2010, an increase of 60.60 percent.

He disclosed that savings went up from GH¢3,579,697.17 in 2008/2009 to GH¢5,226,220.38 in 2009/2010, representing 42.07 percent, adding that out of the total membership of 12,937 only 8,400 members benefited from loans.

Mr Okyere appealed to the government to include the co-operative financial sectors in the Medium and Small Loans Credit (MASLOC) disbursement in order to grant loans to the lower income groups under the Department of Co-operatives.

Source: GNA