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Chamba Credit union makes surplus

2009-06-01 19:18:06
This article has been read 712 times.

The Chamba Community Co-operative Credit Union made a net surplus of GH˘ 3,064, 57 in 2008, and this made the credit union to achieve 3.1 percent of the minimum viability standard of six percent of average net assets set by the Credit Union Association of Ghana.

Mr. David Kawati, Chairman of the Board of the CCCCU, said this at the third annual meeting of the union at Chamba in the East Gonja District on Monday.

Mr. Kawati said the union scored grade “C” in CUA’s classification grade for good performance in the financial year adding that the union’s assets grew from GH˘ 59,850.67 in 2007 to GH˘ 138,432.48 in 2008.

Savings increased from GH˘ 53,226 in 2007 to GH˘ 112.155.76 in 2008, while loans to members increased from GH˘ 27,413 to GH˘ 61, 623.19 within the same period with membership growing up from 250 to 397.

Mr. Kawati said the growth in membership was as a result of the growing confidence in the union by members of the community.

He said SEND Ghana supported the union with GH˘ 24,479.90 while Union provided GH˘ 23,906.9 for the construction of an office and a silo for member farmers of the union to store their food items.

Mr. Sarfo Kantanka, District Coordinating Director (DCD) for Nanumba North who commissioned the office, appealed to those who had collected loans from the union to repay.

source: ghanadistricts.com

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