Swedru Teachers' Co-operative Credit Union declares profit

Agona Swedru, March 14, GNA - The Swedru Teachers' Co-operative Credit Union made a modest profit of GHC 41,906.22 in 2009 as against GHC 38,527.67 in 2007/08. It also paid an interest totaling GHC 76,076.61 and GHC 8,996.37 dividend respectively to the members of the Union. Mr Solomon K. Baidu-Asoma, Chairman of the Board of Directors of the Union, made this known at the Official inauguration of a new Office Complex for the Union at Agona Swedru on Friday. The building, with a conference hall and guest house cost a total GHC 447,181.40.

The occasion also coincided with the 9th Biennial General Meeting and 40th Anniversary of the Union. He said a total of GHC 1,061,434.71 was granted as loans to members in 2009 as against GHC 893,046.71 in 2007/08, adding that, most of the members used the loan for their children's education. The Board Chairman entreated members to buy more shares to increase membership share capital from GHC 70.00 to GHC 100.00 to strengthen the capital base of the Credit Union. Mr Baidu-Asoma said the assets of the Union increased from GHC 1,430,042.84 in 2008 to GHC 1, 794,272.02 in 2009, an increase of 25 percent. Mr Oduro-Darko, General Manager of the Credit Unions commended the board, management and the entire membership of the Union for this important beginning and expressed the hope that the Swedru Teachers' Cooperative Credit Union would grow from strength to strength to improve the life of its members.