Christ Apostolic credit union supports members

Kumasi, June 9, GNA - A total credit facility of GH¢248,360 was granted to members of the Christ Apostolic Church Co-operative Credit Union in Kumasi in 2007. Mr Stephen Oduro Kwarteng, President of the Board of Directors of the Union, who announced this, said the amount represented an increase of 226 per cent over the previous year. He said loan repayment also amounted to 154,980 Ghana cedis. Speaking at the fourth Annual General Meeting of the Union in Kumasi on Sunday, Mr Kwarteng stated that, the total assets of the union stood at GH¢243,752.

This he said represented a rise of 137 per cent from GH¢102,729 for the 2005/2006 financial year. He said savings went up from GH¢78,623 in 2006 to GH¢206,681 in 2007, representing an increase of 163 per cent. Mr Kwarteng indicated that, the union had proposed to put up its own permanent and well furnished office structure within the next two years and also computerize its operations. Mr Kwarteng said Union has targeted to increase its membership from 1,394 to 2,000 with an expected asset size of GH¢500,000 by the end of the year, whilst ensuring a steady increase in turnover. Mr Anthony K. Opoku, Manager in-charge of the Credit Finance Facility of the Credit Union Association (CUA), appealed to church leaders to impress upon their members to embrace the credit union concept for the improvement of their lives. 9 June 08