Axim Road Credit Union makes GH¢149,000 profits in 2010

The Axim Road Community Cooperative Credit Union (ARCCU), made a profit of GH¢149,228.25 as at June last year with a total assets of GH¢3,844,814.04.

Mr Alex Odoi Sackeyfio, General Manager of the Union, who announced at the 11th annual general meeting at Takoradi at the weekend, said through savings, members had secured loans to expand their businesses thereby creating more employment opportunities for the unemployed youth.

Total income of the Union stood at GH¢928,409.35 while savings increased from GH¢2,513,668.06 to GH¢2,933,379.41 representing an increase of 16 per cent for the year under review.

Mr Sackeyfio said total loans granted within the period amounted to GH¢2,353,110.00 and urged members to adhere to the terms for the repayment of the loans to avoid court action from the management.

“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 might be needed and the comparatively advantage we enjoy in loan repayment convenience would reduce significantly”, he said.

Mr Sackeyfio noted that the Union had reduced the level of interest on loans to members from 3.0 per cent to 1.5 per cent, adding “The vision and mission of the Union is to provide quality service delivery with utmost efficiency as well as provide training to all levels of staff to sharpen their skills in the service industry”.

He said the Union had active membership of 7,338 and it intended to enroll new members in rural communities this year.

Source: GNA