Teachers’ union denies GNA report

Management of Dormaa Teachers Co-operative Credit Union Limited in Dormaa Ahenkro in the Brong Ahafo Region, on Friday debunked media reports that the union could not retrieve its total asset of GH¢ 5.4 million given out as loans to its members.

A Ghana News Agency (GNA) report captioned “Dormaa Teachers refuse to pay loan” was carried by a section of the media.

A statement signed by Mr Kwasi Siaw Board Chairman of the union noted that the publication had brought the name of the body into disrepute and inconvenienced the entire members.

It said a chunk of the loan was deducted at source from the Controller and Accountant General’s Department.

“This means that the union does not have much problem with loans granted to teachers,” it said.

The statement said the 66 per cent of the total assets of GH¢ 5.4 million, was the loan granted to members for various purposes for the 2009/2010 financial year.

It said the union was one of the most viable credit unions in the country.

It disclosed that the union made a net surplus of GH¢ 376,085.00 in the 2009/2010 fiscal year and supported many organisations and individuals.

“The credit union subscribes to the Credit Unions Association regulations and other risk management facilities. It has four branches in three districts of which the fourth will be inaugurated at Drobo on February 1, 2011”, the statement disclosed.

It said the union recognised the important role of the media in its operations but pleaded that subsequent reports must be accurate and verified to put the corporate entity into positive perspective to enhance its operations, profitability and sustainability.

Source: GNA