Church Credit Union records GH¢28,750 profit

Members of Victory Presbyterian Cooperative Credit Union at Nkoranza recorded a profit of GH¢28,750.72 at the end of the 2009/2010 financial year.

Mr. Benjamin Adu Darko, Chairman of the Board of Directors, announced this at the Union’s sixth annual general meeting at Nkoranza at the weekend.

He said the figure was against the previous year’s GH¢17,032.27 and represented an increase of 59.24 percent.

The board chairman indicated the ordinary savings of members increased from GH¢413,947.11 in 2009 to GH¢727,818.70 in the year under review, adding, the Union’s share capital also jumped by 489.04 per cent from the previous figure of GH¢19,597.05 to GH¢95,837.43.

The Union’s total assets for the year under review was GH¢872,177.78 representing 53.10 per cent, the Board Chairman said, whilst it granted GH¢449,133.10 in loans as against GH¢234,536.60 given out the previous year.

Mr. Darko said GH¢8,625.21 was paid as dividend to shareholders and called on members to purchase more shares and also ensure regular savings to enhance their individual living standards and the growth of the Union.

Mr. Douglas Marfo-Kalakuta, Manager of the Union, urged members employed to handle mobile bankers to regularly visit the credit office regularly to reconcile their savings with the main records and computerized systems to check against fraudulent deals.

He called on members to educate other people about the good policies of the Union to win them to patronize the union’s activities and help it grow.

The manager announced management of the Union had arranged with the Controller and Accountant-General’s Department for payment of workers’ salaries through their financial systems to enable interested workers to benefit from the Department’s incentives.

He advised workers in government and other agencies in the district to patronize the activities of the Union for improved livelihood.

Pastor Francis Frimpong, in-charge of Nkoranza Victory Presbyterian Church, commended founders of the Credit Union for their foresight and asked members to cultivate the habit of savings to improve their lot.

Meanwhile, the Management of the Church has released a plot of land for the construction of a permanent office accommodation for the Cooperative Credit Union.

Source: GNA

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