Saint Paul’s Credit Union makes 112 per cent profit

The Saint Paul’s Cooperative Credit Union in Kumasi has posted a profit of GH¢101,568.64 in the 2014 financial year.
This is 112 per cent more than the GH¢47,872.41 the union recorded in the previous year.

In the same period under review, savings mobilisation also increased from GH¢2,240,310.74 in 2013 to GH¢2,670,880.46 in 2014, representing an increase of 19 per cent.

The reserves of the Credit Union also increased from GH¢119,428.21 in 2013 to GH¢208,824.31 in 2014 - representing an increase of 74.85 per cent.

The Board Chairman of the credit union, Mr Prince Agyenim-Boateng, who was speaking at the 19th Annual General Meeting (AGM) of the union at Kentinkrono in Kumasi, attributed the gains made to prudent measures put in place by the board despite the economic challenges that bedevilled the country in the 2013/2014 financial year.

He commended the staff and management members of the union for their dedication and hard work, which culminated in the success the credit union chalked up.

Mr Agyenim-Boateng said the size of the asset of the credit union increased from GH¢2,704,543.45 2013 to GH¢3,317,968.89 2014 - representing 22.68 per cent.

The Ashanti Regional Manager of the Credit Union Association (CUA), Mr Frederick Ashittey, lamented the low-saving habit of most Ghanaians, which had made many people poor in the country.

He called on all Ghanaians to develop interest in savings, since they held the key to poverty alleviation.

The Kumasi Metropolitan Director, Department of Cooperative, Mr Obiri Adjei, urged financial institutions to study the background of clients before granting them loans to avoid losing their investment.

He commended the Saint Paul’s Cooperative Credit Union for reducing loan delinquency, which is a major challenge to many financial institutions in the country.