Story: Kwame Asare Boadu, Kumasi
THE Deputy Ashanti Regional Minister, Mr Osei-Assibey Antwi, has challenged credit unions to ensure transparency in their operations in order to attract increased membership and growth.
Speaking at the 32nd annual general meeting of the St Peter’s Co-operative Credit Union (SPCCU) in Kumasi, the deputy minister said the credit union concept was laudable as it greatly assisted the small income groups to come up.
It was, therefore, important that managers of the unions undertook their activities with transparency, he said.
Mr Antwi commended the SPCCU for persistently improving its performance, and said that indicated the confidence the people had in its operations.
The Board Chairman, Mr Dominic Annan, said many people were buying the shares of the union, which had a growth rate of 30.66 per cent.
In 2006, the total shares stood at GH¢208,000 but the figure jumped to GH¢307,000 last year, with a membership of 10,137.
Mr Annan indicated that savings went up from GH¢1.84 million to GH¢3.4 million in 2007, while surplus increased from GH¢208,000 to GH¢307,000 within the same period.
He was, however, not impressed with the savings rate and called on old and new members to take interest in savings to avoid liquidity risk for the union.
The board chairman stated that the credit union continued to support individual members with loans to undertake various activities, saying the figure for last year was GH¢2.4 million, for activities such as agriculture and agri-business.