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Sunyani Municipal Teachers Cooperative Credit Union upgraded

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cediThe Sunyani Municipal Teachers Cooperative Credit Union (SMTCCU), has held its eighth Annual General Meeting at the Wesley Methodist Cathedral in Sunyani.

Welcoming participants to the meeting, Mr Kwabena Adusei, Chairman of the Board of Directors of the SMTCCU, disclosed that between July 2012 and June 2013, members’ shares grew from GHc170,491 to GHc342,278, representing a significant increase of 100 per cent.

Members’ savings also shot up from GHc3,460,417 to GHc5,563,091.

Mr Adusei said the SMTCCU granted a total amount of GHc4,890,310 as loans to its members for productive ventures during the period under-review.

Out of the amount 20.39 per cent, 25.49 per cent, 34.75 per cent, 13.10 per cent, 1.40 per cent, 0.11 per cent and 4.76 per cent went into education, housing, trading, transport, agriculture, medication and social purposes respectively.

Mr Adusei said these sterling performances of the Union have resulted in it being upgraded to grade ‘A’ by the Credit Union Association of Ghana (CUA), the umbrella body that controls credit unions in the country.

He gave the assurance that the Union would not relent in its efforts at out-pacing its competitors, and appealed to individuals and groups in its catchment areas to join them for a brighter future.

Mr Emmanuel Coffie, the Brong Ahafo Regional Manager of CUA in his keynote address, stressed that the SMTCCU by its performance, has a bright and secure future.

He, however, urged members to repay loans promptly to enable the Union maintain and improve upon the pace at which it is growing.

“This is our own bank and whether it thrives or collapse depends on all of us,” he said.

Mr Coffie used the occasion to assure existing and prospective members that there is no discrimination in the operations of credit unions, since they are there for everybody; “… members only need to be faithful to enjoy the fullest benefit therein.”

He commended Mr Evans Stephen Kyeremeh, the immediate past Manager of the SMTCCU, for laying a solid foundation for the Union to build on, and urged all stakeholders to work hard to sustain it.

Mr Yaw Asua Yeboah,  National Board Chairman of CUA advised members to visit the credit union office regularly to see how their funds are being managed.

“Try to know where and how your money is managed, and even by whom,” he said.

The National Board Chairman hinted that the Brong Ahafo Region would host the 2014 World Credit Union Day celebration in Ghana, and appealed to members to prepare fully to make the occasion very successful in order to boost the image of the region.

Source: GNA

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