CRI Credit Union makes impressive progress

The Board of Directors of the Crops Research Institute Co-operative Credit Union in Kumasi has as at June 2009, posted a net profit of GH¢53,099 representing a percentage growth of 17.24 over GH¢ 45,292 profit realised the previous financial year.
The Vice Chairman of the Board of Directors, Sampson Obeng Antwi announced this during the Union’s 12th Annual General Meeting held in Kumasi last week. The Annual General Meeting was on the theme, ‘Credit Union a Tool for Wealth Creation’.
The Union’s total assets went up from GH¢1,004,678 in 2008 to GH¢1,350,576 which represents 34.43% in 2009. As at the end of June 2009, the total membership of the Union stood at 1087 comprising 812 male and the remaining 273 as females.
The Union in the year under review granted loans to members to the tune of GH¢885,713 and as at June 2009 members had been able to make a repayment of GH¢610,911. The purposes of these loans according to the Vice Chairman were particularly for education and other special reasons with the chunk of the amount being top up of what members had already taken.
The Union paid 20% dividend on shares and 9% interest on savings. The Vice Chairman further urged all members to purchase more shares since dividend on shares are more attractive than savings.
According to him, the Credit Union Association, CUA has decided to increase the minimum share from GH¢ 30.00 to GH¢50.00. He therefore advised all members to endeavour to acquire the minimum share in order to qualify for loan starting from July 2010.
The Management of Crops Research Institute has allocated a one acre-plot of land to the Union to put up its office complex. The Vice Chairman hinted that the necessary arrangements had been concluded with their sister institute the Building and Road Research Institute, BRRI for the commencement of the office complex. Meanwhile the Board of Directors of the Union has cut a sod for the commencement of the CRI Credit Union office complex.
The Board rewarded three management members of the Union who have served their three year term meritoriously. They were, M.K Adu, Lord Ohemeng Appiah and Alhassan Baduon. Three pioneering members who were very instrumental in the reconstitution of the Union were also awarded. They are Lawrence K. Mensah, the first secretary of the Union, Joseph Omane Mensah, first Chairman and Thomas K. Yiadom first treasurer of the Union. Their awards ranged from colour TV set and deep freezers, refrigerators to building materials.
Present at the AGM was Kofi Nsia Ampofo the Regional Co-operative Officer, he complained about the poor attendance of the Union’s Annual General Meeting. According to him, Annual General Meetings of Co-operative Unions is the most important of all meetings, besides the platform for members to raise concerns if any and seek answers. He appealed to the board to do everything possible to get sizeable number of members to attend such very important meetings.
From: Seth KRAMPAH, Fumesua, Ashanti