Anglican credit union declares GH¢86,000 profit

The Anglican Diocesan Credit Union Limited in Kumasi made a net profit of GH¢86,508.00 on its operations, last year, Mr Charles Boateng, an official of the Department of Cooperatives, has announced.

Compared with the year 2010 figure of GH¢59,949.00, it represents a 44.3 percentage rise.

He made this known at the sixth annual general meeting (AGM)) of the union in Kumasi.

He said its total assets shot up to GH¢475,130.99 from GH¢350,315.83 during the period.

Loans granted also stood at GH¢210,000.00 with savings hitting GH¢377,684.03.

Mr Boateng identified loan delinquency as a major hindrance to the growth of the credit union.

He  urged loan beneficiaries to ensure that they complied with repayment schedules to enable others to enjoy the facility.

Mr Anthony Augustine Aidoo, Chairman of the Ashanti Regional Chapter of the Credit Unions Association (CUA), said they were making contribution to the fight against poverty by assisting people with funds to expand their economic activities.

The region presently has 40 credit unions with total membership of 85,000.

The Right Reverend Dr Daniel Yinkah Sarfo, the Diocesan Anglican Bishop, appealed to members of the church to join the credit union to help them to receive support in times of financial difficulty.

Dr Edward Prempeh, a private medical practitioner, was elected chairman of a seven-member board to manage the union for the next four years.

Source: GNA