Credit unions in Tachiman make profit

Techiman, June 28, GNA - Nine cooperative credit unions in the Techiman Municipality made a profit of GHC 234,538.78, representing 83 percent increase in 2009 as against GHC 128,109.08 in 2008 financial years. The unions are Abotareye, Abosomakutare, Ebenezer, Presby trinity, Area teachers, Tansoa, Standard, Forikrom community and Buoyem community credit unions. Mr. James Okyere, Municipal Cooperative Director, told the GNA in an interview that the Abosomakutare Credit Union of the Holy Family Hospital had been rated the first and the best among the credit unions in the municipality. The income of the unions over the period under review stood at GHC 903,574.67 as against GHC 579,331.36 representing 55.06 percent in the 2009-2008 fiscal years. Operating cost of the unions stood at GHC 668,975.89 representing 48.26 percent in 2009 as against GHC 451,222.30 in the previous year. He said the total asset of the nine credit unions stood at 4,559,265.49 for the period of 2009 as against GHC 3,142,218.78 which represented 45.10 percent. Mr. Okyere said within the period the credit unions granted loans totalling GHC 2,584,546.69 as against GHC 1,913,219.38 between 2009 and 2008. The operational shares of the unions rose from GHC 201,034.54 in 2008 to GHC 273,805.24 representing 36.24 percent in 2009, he added.