Catholic Credit Union declares over GH¢97,000 liability

The Ajumako-Bisease Catholic Parish Cooperative Credit Union (CUA) has declared a total liability of GH¢97,526.40 for the year-ending, 30 June, 2010 as against GH¢58,909.28 in 2009.

The union, which was started in March, 2006 with 67 members now has 774 members and has granted a loan of GH¢155,094.00 to 258 members.

Mr Emmanuel Oduro Darko, General Manager of Ghana CUA, told the annual general meeting of the union that he appreciated the success chalked by the Bisease local union and advised members to embark on membership drive and to buy more shares to enable the union to grow.

Mr Darko commended the Roman Catholic Church in Ghana, Nigeria, Uganda among others for their foresight in establishing CUA since 1955, adding that this was the best and the surest way of poverty alleviation.

He said the nation could boast of 525 credit unions with 550,000 members and a capital of 2,011 million Ghana cedis, adding that CUA has been able to instil the habit of savings in 48 Senior High Schools including the Bisease Senior High School with 300 students under the “Schools Saving Club”.

The General Manager appealed to Parliament to speed up the passage of the Legislative Instrument (LI) before it to enable CUA operate as a bank in line with other rural banks.

Source: GNA