Saint Paul's Co-operative Credit Union realises over 300 million cedis

profit

Kumasi, Jan. 04, GNA - The Management of Saint Paul's Co-operative Credit Union at Amakom a suburb of Kumasi made 305.3 million cedis profit in 2006 as against 98.8 million cedis in 2005 an increase of over 300 per cent. Mr Kofi Fofie Agyemang, Outgoing Board Chairman of the Union, attributed the improvement in their performance to prudent financial measures instituted by the board and management. He was addressing the opening session of the Union's 14th Annual General Meeting (AGM) in Kumasi on Tuesday.

Mr Agyemang said the Union's total savings stood at 6.6 billion cedis and had a net asset of 8.36 billion cedis as against 6.8 billion cedis in 2005. He commended the board and management for their immense contribution which had brought great gains to the union and urged them to strive for more improvement.

Mr D.O.S. Annan, Ashanti Regional Chapter Board Chairman of Credit Union Association (CUA), called on Government to support activities of credit unions to enhance revenue mobilisation and reduce poverty. He urged the union to adopt strategic measures to increase their membership. Mr Matthew Appiah, Manager of the Union, said their major problem was loan recovery and appealed to members to re-pay their loans promptly to avoid penalties.