GESRO rakes in 254,336 Ghana Cedis in 2008

Takoradi October 24, GNA-Ghana Education Service Cooperative Credit Union (GESRO) raked in 254,336 Ghana Cedis in 2008 as against a low of 178,500 Ghana Cedis made in 2007, Mr. Thomas Mensah, Chairman of the Union, said on Friday.

Addressing the 2009 Annual General Meeting of the union at Takoradi, he said the total expenditure for 2008 was 191,250 Ghana Cedis while the expenditure for 2007 was 125,400 Ghana Cedis. Mr. Mensah said the union's net surplus for 2008 was 63,086 Ghana Cedis as against 53,000 Ghana Cedis in 2007 while total assets for 2008 stood at 2,027,730 Ghana Cedis as against 1,358,900 Ghana Cedis acquired 2007. He said the union now has two branches at Takoradi, one at Tarkwa and another one at Daboase and that all branches are linked online to enable members to access their accounts, loan repayment schedule and saving balance at any branch.

Mr. Mensah said the Union is testing a new software which computes interest rates on loans on daily basis, calculates interest on savings monthly and helps to send text messages to remind members to re-pay their loans.

He said the Union has decided to increase its interest on loans from 23 per cent to 26 per cent because of the high cost of doing business now. Mr. Mensah said the Union has opened a Foreign Savings Accounts for members abroad and currently, there were 10 foreign members in Britain, Italy and Spain and was finalizing an agreement with Zain Communication Network so that members could re-pay their loans or do savings through text messaging and also check saving balances.

He said the loan repayment delinquent rate has dropped from last year's 12 per cent to 2 point 03 per cent this year adding, the goal of the union is to have less than 0 point 5 per cent delinquency rate. Mr. Kusi Boakye Yiadom, Chief Executive Officer of the Union, said street hawkers particularly at Takoradi were being mobilised to save two Ghana Cedis per day with the union for one year after which the union would set up a shop for the saver within an exclusive market for hawkers. 24 Oct. 09