Teachers Credit Union makes gains

The Sunyani Area Teachers Cooperative Credit Union (SATCCU) disbursed GH¢6,105,500 as loans to its members between 2014 and 2015.

The loans were granted for agriculture, education, housing, trading, transport and medical purposes, as well as for social activities including funerals and weddings.

The Chairman of the Board of Directors of the union, Mr Kwabena Adusei, announced this at the 9th Annual General Meeting (AGM) of the union in Sunyani.Annual report

Delivering his annual report, Mr Adusei said the union maintained its position as a Grade One primary society, making it one of the best credit unions in the country.

He said in spite of the challenging financial regime between the 2014 and 2015 financial years, the union was able to make appreciable gains in its operations.

M Adusei further stated that assets of the union increased from GH¢9,365,201.04 in 2014 to GH¢12,224,264.54 in 2015, posting a growth rate of 30.52 per cent. 

Net surplus for the period under review, he said, stood at GH¢884,649.22, up against the 2014 figure of GH¢694,572.23, representing an increase of 27.36 per cent.

Membership of the union rose from 7,632 in 2014, to 10,030 during the year under review, showing a 31.42 per cent increment.

The Board Chairman, however, urged members to increase their share value in order to make the union stronger in the years ahead.

People helping people
Speaking on the theme for the event: “People Helping People,” the National Board Chairman of the Credit Unions Association of Ghana (CUA), Mr Charles Yaw Asua Yeboah, said credit unions helped to create employment for people, provide financial support for their staff and members and also contribute to social progress.

He described the union as very democratic, with no social, religious, political and racial barriers and, therefore, urged Ghanaians to join it to improve their living conditions.

The Deputy General Manager of CUA Ltd, Operations, Mr Emmanuel Coffie, said the association was in the process of regularising the terms of leadership from the primary societies through regional chapters to the national levels.

According to Mr Coffie, the harmonisation of primary societies and CUA elections would remove the discrepancies from the serving terms of officers at the societal, regional and national levels.

The occasion was also used to inaugurate the union’s new office complex, while diligent members and staff were rewarded with various prizes.