The Board and Chairman of the Twifo-Hemang-Lower Denkyira District Teachers Co-operative Credit Union, Dominic Kontoh, says the failure of members to pay back loans is affecting the operations of the Union. He said the problem has been compounded by deleting names of the Union’s members who are on study leave outside the region by the Accountant-General’s Department.
Mr. Kontoh who made this known at the 6th Annual General Meeting of the Union’s added that most often members access loans from the Union and go on study leave refusing to pay back the loans. He therefore appealed to members who owe the Union to pay back loans for others to also benefit. Mr. Kontoh noted that the Union’s financial performance last year recorded a net profit of over GHC11m against a working capital of over GHC699,000.
He stated that the Union cannot rake in the targeted net profit because of the delay by the controller and Accountant-General’s Department to effect loan deductions from members who accessed the loans. The General Manager of the Credit Union Association E.O. Darko, said CUA has the conviction that any credit union which wants to exist as a visible financial intermediary should adhere to increased member ship size be more transparent and efficient and service members on time and introduce new products and services based on members needs.
The Field Services Manager of CUA, Kofi Ayisi, inaugurated an Liquefied Petroleum Filling Station constructed by the Union at a cost of GHC42,000 at Praso.
