Loan delinquency, setback to credit unions – Chairman
Loan defaults associated with the management of the Credit Unions by some customers is the major bane to the financial growth of the unions.
Mr Wisdom Yaw Badjessah, newly elected Board Chairman of the Agona District Workers Co-operatives Credit Union Limited made this known when he addressed Annual Shareholders meeting of the Union at Agona Swedru.
He said the District Workers Credit Union was making serious impact in the lives of teachers, nurses, market women and other workers to meet their financial requirements.
According to the Board Chairman, who was formerly Assistant Principal of Agona Swedru National Vocational Training Institute appealed to the loan defaulters to pay their facilities received for others to benefit.
Other Elected board members were Mr Charles Amoasi Amos, Vice Chairman, Mr Solomon Kweku Adjei, Secretary, Madam Winifred Noye, Treasurer and Madam Mary Oduro, member.
The Board Chairman stated that Agona District Workers Credit Union would strengthen the mode of granting loan facility to the members, adding that it was not intended to frustrate them but aimed at ensuring that loans were paid promptly.
He said collaterals and other guarantors would be restructured to improve the financial position of the union, adding that the Credit union was established to make profit and render excellent services to members.
He appealed to the workers especially petty traders in the Agona West Municipality and beyond to join the credit union, saying that ‘little drops of water make the might ocean.’
The Board Chairman said the Credit union granted loans millions of Ghana Cedis to customers to pay children’s fees, building projects, trading and small and medium enterprises to improve their businesses.
Mr Solomon Adjei, who is professional Accountant expressed greatest appreciation to members for given him opportunity to serve on the board for a four-year term.
The Secretary of the board promised to bring innovation into the financial management to raise the financial position of the Credit Union to attract more self-employed market women and government workers in Gomoa East, Agona East, Agona Swedru and Effutu to join the Credit Union.