Teachers credit union posts GH¢119,000 net profit

The Akrofuom Teachers Co-operative Credit Union made a net profit of GH¢119,086.65 on its operations, last year, Mr. Jonathan Acquaye, the Chairman, has announced. Its total income during the period came to GH¢ 514,296.01 compared with the previous year’s figure of GH¢403,900.86.

Addressing the Union’s annual general meeting in Akrofuom in the Adansi South District, he complained about the non-payment of loans granted to some of the members.He indicated that “loan delinquency” had become a major challenge and reminded beneficiaries to do everything to pay back.

He gave the assurance that members contributions would continue to be efficiently and transparently managed to boost returns on investment and keep the Union on the path of growth.

Mr. Acquaye hinted of the construction of a permanent office building in Obuasi and said the project was on course.
The Union had also been alive to its social responsibilities – providing support to schools in the district and the farmer’s day celebration.

Mr. Emmanuel Oduro Darko, a former General Manager of Ghana Cooperative Credit Unions Association (CUA), encouraged the people to save part of their earnings with the credit unions.That, he said, was in their own interest – to assure them of financial security.

He noted that the credit unions had been playing vital role, assisting people in times of need. Mr. Nti Adu Asare,General Manager of the Union, said it was opened not only to teachers but that everybody could join.

Source: GNA