The Manager of the Ghana Ports and Harbours Authority Cooperative Credit Union (POSACU), Miss Antoinette Essandah, has announced that the union has raised GH¢465,354.
Speaking at the 13th annual general meeting of the union she said the amount included interests on loans of GH¢380,379 and interests on financial investment of GH¢75,815.
An amount of GH¢9,158 was also made from other investments. She said in 2009, the total income was GH¢378,524 the total expenses was GH¢303,052.
Mr. Robert Kofi Ngissah, former Board Chairman of the Credit Union Association (CUA), said late loan repayments by members must push the union’s authorities to reconsider loan approval processes, procedures and securities.
“If we continue to see credit union loans as money from our own contributions and play down on seemingly comfortable repayment terms, a time would come when tougher recovery measures may be needed and the comparative advantage we enjoy in loan repayment will reduce significantly”, he said.