KEEA workers co-operative Credit Union makes no profit in 2011

Even though the Komenda-Edna-Eguafo—Abrem (KEEA) workers co-operative Credit Union did not make profit in 2011, the Board of Directors, recommended GH¢25,000 interest payment on the savings of members.

Mr Thomas Bofo Quarcoo, Manager of the Union, disclosed this on Friday at the annual general meeting of the Union at Elmina saying that  due to operation cost, the Union could not declare a dividend.

Mr Alex Sarbah, outgoing Chairman of the Board of Directors in his annual report, said the assets of the Union increased from GH¢768.977.44 in 2010 to GH¢939.6403 in 2011.

He said savings mobilization increased from GH¢590,647 to GH¢789,479 whilst loans disbursed during the period totaled GH¢375,000 up from GH¢261,000 disbursed in 2010.

Mr Sarbah said statistics showed that the demand for credit was rising and entreated members to match the demand with corresponding increase in savings.

He said shares increased by a mere 84% from GH¢70,507 to GH¢76,463, adding that this was not encouraging enough.

He said even though the minimum share has been increased to GH¢50.00, many members have not topped up their shares and urged them to do so “to enable us improve our share capitalization”.

Mr Sarbah appealed to members who have taken loans from the Union to repay their loans to enable other members to enjoy the facility.

Mr Ekow Amankrah Otabir, the Medical Director of the Ankaful Leprosarium was elected Chairman of a five-member Board of Directors to oversee the activities of the Union.

Source: GNA