The St. Paul’s Co-operative Credit Union at Amakom in 2006, made ¢305.3 million profit as against ¢98.8 million in 2005. The figure represents over 300 percent increase.
Mr. Kofi Fofie Agyemang, the outgoing Board Chairman of the Union, who announced this, attributed the gains made to the prudent financial measures put in place by the Board and Management.
Speaking at the Union’s 14th Annual General Meeting (AGM) in Kumasi, he said the Union’s total savings stood at ¢6.6 billion and had a net asset o f ¢8.36 billion as against 6.8 billion the previous year.
He commended the Board and Management for their immense roles which had brought great gains to the Union, and urged them to strive for improvement.
Mr. D. O. S. Annan, Ashanti Regional Chapter Board Chairman of Credit Union Associations (CUA), called on the government to support the activities of credit unions since it stood the chance of enhancing revenue mobilisation and reducing poverty.
He urged the Union to adopt strategic measures to increase their membership. Mr. Matthew Appiah, Manager of the Union, said the major problem facing it was loan delinquency and appealed to members to re-pay their loans promptly to avoid penalties.
