Teachers’ savings group makes gains

The Ghana cedi

The Chairman of the Board of Directors of the New Juaben Municipal Teachers Savings Association, Mr I .B. Lassey, has announced that the group made a net profit of GH¢ 74,591.27 last year.

He said this on Friday during the 10th anniversary celebration of the association in Koforidua.

He said the association had invested in 12 companies listed on the Ghana Stock Exchange and this brought a total dividend income of GH¢ 49,905.54.

Mr Lassey cited the companies as Aluworks Ghana limited, Benson Oil Palm Plantation, CAL Bank Limited, Cocoa Processing Company, Enterprise Group Limited, and Ecobank Ghana Limited.

Others were Ecobank Transnational Incorporated, Ghana Commercial Bank, Ghana Oil Company, SG-SSB Bank Limited, Standard Chartered Bank and SIC Insurance Company.

Mr Lassey said the association had granted loans totalling GH¢311,106.54 to 335 members as at June 30 last year.

“A total amount of GH¢ 117,008.37 had been awarded on member investments during that period as against GH¢ 89,720.82 in 2009.”

He said the figure represents an increase of GH¢ 27,287.37, which translates into an increase of 30.41 growths on members savings for the period under review.

“As a result of our impressive performance, the Board has proposed a dividend of GH¢0.85 per share. This amounts to GH¢ 16,501.05 to be paid on March 15 this year”.

The Board Chairman said in order to better the lot of the teacher the associations purchased some plots of land and were re-selling them to members.

Mr Samuel Ofosu-Ampofo, the out-going Eastern Regional Minister, who was the special guest of honour, entreated Management of the Savings Association to manage the funds very well by ensuring honesty, transparency and accountability.

He appealed to the managers to try as much as possible to go to the aid of contributors with dispatch when they are in need.

“Much as I cherish adherence to regulations, some bureaucratic bottlenecks in the granting of loans should be avoided in order not to defeat the purpose of forming the association,” Mr Ofosu-Ampofo said.

Source: GNA

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