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Net Savings Increased

2007-08-06 13:01:37
This article has been read 805 times.

Bawku Community Cooperative Credit Union (BCCCU) increased its net savings from GHc 17,010 (170.1 million cedis) in 2005 to GHc 36,640 (366.4 million cedis) during the 2006 financial year representing about 115 per cent.

Total shares of members within the period increased from GHc 450 (4.5 million cedis) in 2005 to GHc 1,090 (10.9 million cedis).

Madam Rebecca Awuga, Chairperson of BCCCU, announced this at its second annual general meeting at Bawku at the weekend.

She said the union’s total assets increased from GHc 9,450 (94.5 million cedis) to GHc 30,470 (304.7 million cedis) an increase of 222 per cent whilst membership rose from 108 to 165, representing an increase of 52.7 per cent.

Madam Awuga said the union had disbursed over GHc 33,560 (335.6 million cedis) to its members to expand their businesses, most of them being traders, civil and public servants.

She commended the Board of Directors, staff and committee members for their commitment, devotion and hard work with the support of the rank and file of the union for the achievement.

However, Madam Awuga noted that demand for loans at short notice and lack of understanding by some members of the union’s operations made some to withdraw their membership.

She said the high loan delinquency and members’ inability to repay loans within the stipulated time had been a major setback in its operations.

Madam Awuga appealed to them to honour their obligations to make the union vibrant to meet their aspirations.

Mr Cletus Atugiba, Upper East Regional Chapter Chairman of Credit Unions Associations (CUA) of Ghana, said the chapter had mobilized over GHc 1,060,000 (10.6 billion cedis) from its 15 societies with total membership of 3,904.

He said the chapter’s total assets stood at GHc 3,210,000 (32.1 billion cedis) with loans granted totalling GHc 5,850,000 (58.5 billion cedis).

Mr Atugiba noted that in spite of the vital role played by credit unions in Ghana’s economy, there had not been any appropriate legislation to guide its operations.

He was optimistic that the proposed Credit Union Bill which had been pending for the past five years would be passed into law to enable the unions expand their services to offer financial relief to most Ghanaians.

Mr Atugiba appealed to workers to set their priorities right, be diligent and disciplined in the judicious use of resources.

He said this would enable them to be imbued with savings habits to mobilize the needed capital to venture into businesses to reduce poverty.

source: GNA

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