Shama Credit Union records almost GH¢60,000 net profit

The Shama Community Cooperative Credit Union (SHACCU), made a net profit of GH¢59,503.04 for the 2011/2012 financial year.

Mr. Joseph Anokwafo Arthur, Chairman of the SHACCU, announced at the 4th Annual General Meeting at Shama on Saturday.

He said the Credit Union made a loss of GH¢39,116.32 the previous year.

Mr. Arthur said saving deposits of the year under review amounted to GH¢1,396,483, representing an increase of 88 per cent over last year’s savings of GH¢743,530.72.

He said in 2008, the Board of the Credit Union, approved the floating of house shares and every member was expected to purchase a minimum of 100 shares valued at Gp50 a share amounting to GH¢50.

Mr. Arthur said the Union had acquired two plots of land near Shama Senior High School and members were being encouraged to purchase the shares to enable the Union to put up its permanent offices.

He said anybody, who had not been able to purchase the minimum shares was not a member of the credit union.

Mr. Arthur said the current membership of the Union stood at 7,679 adding. “The Shama branch has a membership of 4,379 and the Komenda branch 3,300”.

Mr. Kweku Nyarko Addo, Chief Executive Officer of the Credit Union, said the Union had been promoted from grade “D” to grade “B” credit Union by the Credit Union Association (CUA).

He said the total assets of the Union as at June this year was GH¢1.7 million, an increase of 52 per cent over last year’s.

Mr. Addo said over GH¢6,000 was paid as dividend for 2012, representing 10.75 per cent of net profit.

Source: GNA