Union grants 6.1 billion cedis loans

Wenchi, Feb. 13, GNA - The Brong-Ahafo Catholic Cooperative Society for Development, a credit union within the Wenchi parish of the Catholic Church, has total assets of 4.5 billion cedis.

Mr. Peter Gyarko, the Manager of the union who spoke at a general meeting at Wenchi, said the union granted 6.1 billion in loans to members last year.

Micro credit loans granted to 23 groups including teachers, traders and farmers totalled 500 million cedis.

Mr. Gyarko said the union made a profit of 180 million cedis in 2006 and had established a consumer credit scheme for teachers and other government employees.

The union had spent more than 230 million cedis on a 17-bed room hotel project at Wenchi, which is 80 per cent complete. Mr. Samuel Opoku, Chairman of the board of directors, said the union was determined to extend the micro credits to more small scale traders and to expand the consumer credit scheme to cover building materials.

The Rev Fr Augustine Ansu Damoah, Pariah Priest of Our lady of Fatima Catholic Church at Wenchi, advised members of the union to cultivate the habit of saving.