New Era Credit Union posts profits

Kpando-based New Era Cooperative Credit Union has post an increased investment portfolio of GH₵241,971 from a previous total of GH₵94.842.99 representing a leap of 155 per cent for year ending June 30, 2014.

Mr Elvis K. Djampoh, Board Chairman of the Union, who disclosed this at the Ninth Annual General Meeting at Kpando, said membership of the union, grew to 2,283 from 2,036, representing 9.9 per cent increase, under the year review ending June 30, 2014.

He indicated its shares rose to GH₵66,383 from GH₵55,449 posting 11.7 per cent with total assets increasing from GH₵ 1,065 in 2013 to GH₵1,356 making a 27.3 per cent in 2014.

The Board Chairman said savings soared by 39 per cent to GH₵1,218 from GH₵873,095 during the year under review.

Mr Djampoh said the Credit Union supports innovative ideas including non-traditional crop farming as strategies to create jobs.

He said loan default continue to be a big challenge to their operations forcing management to institute court action against recalcitrant members resulting in the prosecution of 16 out of 60 members.

“We were hard press for taking this action. We were forced to drag members to the court, a situation we wish we could avoid,” he said.

Mrs Ester Mensah Board chairperson of Universe Cooperative Credit Union in Hohoe, who was the special guest, said the mushrooming of micro-finance institutions is not a threat to the credit unions since laws regulate their operations for optimal benefit to clients.

Source: GNA