THE Hydro Employee Co-operative Credit Union of the Volta River Authority (VRA) has given GH¢2,654,750 as loans to its members.
Out of the amount, GH¢1,832.24 has been repaid.
The immediate past chairman of the union, Mr Henry Tetteh Ahorlu, made this known at the ninth annual general meeting of the union at Akosombo last Saturday.
The event also witnessed the unveiling of a GH¢44,900 Toyota Hilux vehicle purchased by the local union to be used for its activities and the election of Mr Ralph Punamane of the Health Services Department of the VRA as the new chairman of the union’s board..
Mr Ahorlu stated that the union was able to give out a significant sum as loans as a result of significant improvement in its fortune.
He cited the instance where the union’s total savings rose from GH¢2,594,545.86 at the beginning of the 2008/09 financial year to GH¢3,220,577.58.
The chairman stated that the union’s total income also hiked by 51 per cent, that is, from GH¢325,902.12 in 2008 to GH¢509,187.17 in 2009, and added that it also registered a net surplus of GH¢171,749.9 at the end of the 2008/2009 financial year.
According to Mr Ahorlu, the union which currently admits non-VRA staff and had a membership of 2,929, had become one of the best credit unions in the country.
He said to ensure the effective management of the union, its staff had on two occasions this year been trained on operational policy and customer care.
The Deputy General Manager of the Credit Union Association (CUA) in charge of Technical Services, Mr B.B. Fidelis, traced the history of credit unions in the country, saying the first one was established in Ghana 54 years ago.
He said the total membership nation-wide stood at 260,000 with total deposits amounting to GH¢120,634,000 out of which GH¢87,000 had been dispensed as loans.
Mr Fidelis asked workers to embrace the credit union concept due to its benefits and congratulated the Hydro Employees Credit Union for its significant achievements.
No comments:
Post a Comment