Techiman Teachers Credit Union makes profit

Techiman Area Teachers Credit Union (TATCU) posted a profit of GH¢211,578.55 from July 2010 and June 2011 as against GH¢143,368.86 from July 2009 to June 2010 financial year, representing 47.58 per cent.

The Union’s surplus rose from GH¢25,008.42 to GH¢54,307.72, representing 117.16 per cent.

Mr James Okyere, Techiman Municipal Co-operative Director made this known at the 13th Annual General Meeting of the Union.

He said the total assets of the union rose from GH¢657,437.95 to GH¢1,052,577.63 representing 60 per cent, whilst total liabilities including members’ deposits, shares reserves stood at GH¢1, 052,577.63 during the period under review.

The union purchased treasury bills up to GH¢47, 121.53.

Mr Okyere said TATCU was committed to diversification of income-generation ventures, hence the rise of its investments from GH¢162, 482.03 to GH¢306, 050.05 representing 95 per cent.

Mr Kwame Antwi-Boasiako, Board Chairman, said membership of the Union had gone up from 2,500 to 2,853 and members’ while savings also increased from GH¢574, 234.30 in 2010 to GH¢912, 221.74 in 2011.

He revealed that within the period under review, the Union granted loans totalling GH¢632, 701.12 to about 1,200 members under the terms of the loan policy of the union.

The board chairman said the Union was working hard to ensure that it moved from Grade ‘B’ to Grade ‘A’ in the near future”.

Kenneth Nana Kwarteng, Deputy Brong-Ahafo Regional Director of Co-operative Unions advised beneficiary members to honour payment of loans granted them and minimise the rate of withdrawals so that the body could have more cash in its coffers to become vibrant in the Municipality.

Mr Owusu Ansah, Manager of the Union, suggested the need for members to adopt a three-year child educational policy to help lessen the burden on member-parents towards their children’s educational needs.

Source: GNA