Takoradi (Western Region) -- The Axim Road Community Cooperative Credit Union (ARCCCU) has re-designed its loan schemes to be in line with the government's poverty alleviation programme.

Mr Isaac Sam-Cudjoe, Chairman of the Board of Directors, announced this at the general meeting of the Union in Takoradi on Saturday under the theme, "Credit Union, a means to poverty alleviation and wealth creation for development".

He said loans are now given on more concessionary terms while minimum deposits have been reduced to encourage members to increase their savings.

Mr Sam-Cudjoe said the main objective of the union's action was to assist members who are mostly traders and people in the lower income category to save regularly to accumulate wealth at a reduced interest rate.

He said the union intended to implement a medical insurance policy early next year.

Mr Sam-Cudjoe said the union would implement the policy before the cash and carry system is phased out to help members with their medical expenses.

He said members who would participate in the scheme would pay 10,000 cedis a month into a medical savings for the union to pay premium insurance companies, which would assist them with their medical expenses.

Mr Sam-Cudjoe said the Union is discussing the policy with some insurance companies.

Mr Francis Arthur, Assistant Co-operative Officer, spoke of the role of cooperatives in national development and their benefits to the people.

He said ARCCCU was the first of its kind in the Shama-Ahanta East Metropolis and urged members to support the management implement its plans.