Abura Dunkwa (C/R), Dec 1, GNA - The Abura-Asebu-Kwamankese (AAK) teachers' credit union is building a 750-million-cedi secretariat with accommodation, offices and conference halls.

The 24-room project was started in July and will, on completion by December 2004, have rooms to rent to some decentralised government departments and agencies.

Mr Ben Amoah Yemoah, chairman of the union, said this at the fifth biennial meeting of the union and that the project is being financed from the dividends on the shares of its 800 members.

He said a children's education policy to cover the members' child is also in the offing.

Mr Yemoh said but for high loan default/delinquency rate particularly from retired members, the union could have increased its capital base beyond the current 1.4 billion cedis.

He said this year the union granted 850 million cedis in loans and overdrafts to members for payment of fees, housing, transport and trading purposes to members.

In a message read on his behalf Mr Emmanuel Oduro Darko, general manager of Credit Union Association (CUA), said of CUA's 240 credit unions in the country the AAK teachers' credit union was adjudged the second fastest growing and well-organised association in the country.