Kumasi based investment union makes profit

The Board Chairman, Mr Gabriel Sam Arhinful, who stated this in a speech delivered on his behalf at the 2nd annual general meeting of the union in Kumasi said the significant stride was a testimony of the credit union’s quest to adopt best practices in its operations in order to win the confidence of the public.

He said the union granted loans totalling GHc459,910 to its members in 2012 as against GHc59,358 the previous year, while liquid investment grew from GHc115,318 in 2011 to GHc156,240 in 2012.

There were also improvements in other sectors such as share capital, members’ deposits and net reserves.

Mr Arhinful stated that with the local business environment increasingly becoming competitive, the situation had engendered a deepening interdependency between the union and its members.

“Our goal is to make credit and financial services better and easily accessible to our members,” he added.

The company is introducing various products aimed at protecting its members against disasters such as fire, theft and floods.

A pension scheme is also coming on board soon to enable members prepare adequately for old age.

The board chairman said the Union was seriously responding to the technological needs of its members with the view to make the business transaction easier.

Story by Kwame Asare Boadu