GESRO Cooperative Credit Union institutes housing scheme

GESRO Cooperative Credit Union has instituted a housing scheme for its members to enable them own decent residential accommodation.

Speaking at the 12th Annual General Meeting of the Union in Takoradi, the Board Chairman, Mr Nelson Ahligah, said due to the oil discovery in the region, accommodation has become a serious challenge for most of its members.

He said as a result of the accommodation problems, the GESRO has acquired 2,000 acres of land at Apowa and Eshiam in the Ahanta West district, which would be developed into housing units for its members and that the union had engaged a consortium to develop the acquired land into affordable housing units.

He said members would be required to pay 40 percent of the initial price of the house and pay the rest within six years after occupying the facility.

Mr Ahligah said the credit union made a profit of GH¢16, 365.13 in 2011 with its fixed assets perched at GH¢6,232,838.07 adding that it granted loans totaling GH¢3, 167,536.39 to its members to expand their businesses.

He said it is in the process of developing a website to enable Ghanaians all over the world to make payment through the internet into their accounts adding “we have also introduced the mobile gadgets that have enabled members to save on daily basis.”

Mr Ahligah said the union had successfully launched a salary payment system that work faster than the traditional banking system and therefore encouraged its members to make use of the facility.

Mr J. A Coleman, Registrar of Cooperatives in Ghana who was the guest of honour for the occasion, commended the board and management of GESRO for introducing innovative policies that is focused on bettering the lot of its members.

He said the housing project instituted by the union is laudable and encouraged all well-meaning Ghanaians to save with credible financial institutions for a better future.

Source: GNA