Credit Union making progress

The University of Education, Winneba (UEW) Cooperative Credit Union made a net profit of 211,321.45 Ghana cedis in 2014 as against 124, 672.12 Ghana Cedis in 2012, representing an increase of 69 percent.

Members’ savings progressed from 2,503,527.76 Ghana cedis in 2012 to 2,908,611.01 Ghana cedis in 2014; giving a moderate increase of 16 percent.

The Chairman of the Board of Directors of Union, Mr. Andy Yao Agordah, made this known at the 15th Annual General Meeting of the Union in Winneba.

He said, the Union was able to disburse 219,033.24 Ghana Cedis in 2014 as interest on members’ savings compared to 166,607 Ghana cedis in 2012; showing a progressive rise of 32 percent.

Mr. Agordah said the Union was able to advance an amount of 1,660,823.00 Ghana cedis to its members as loans.

He appealed to members to subscribe to multiples of 100.00 Ghana cedis shares to offer the Union the needed capital.

According to him: ‘’delay in the release of funds deducted on behalf of the Union by the University was affecting the progress of the Union.”

The Vice-Chancellor of the UEW, Professor Akwasi Asabere-Ameyaw- in his address –read on his behalf- said the Union had relieved the University of the problem of dealing with persistent demands by workers for financial assistance.

He said he was delighted that the total asset of the Union had grown over the years to 4,201,135.78 Ghana cedis and membership now stands at 1,815.

The General Manager of Credit Unions Association of Ghana (CUA) Mr. B. B. Fidelis, appealed to staff of the Union to continue to cooperate with the Board of Directors towards the success of the Union.