It also made a total income of GHC191,326.91 at the close of last year as against GHC154,213.05 in 2010, recording a total of GHC176,372.45 operating expenses against GHC144,152.30 in the previous year.
Mrs Sarah Quagraine, the Board Chairman of the Oguaa Teachers’ Cooperative Credit Union limited Union disclosed this at the 32rd Annual General Meeting (AGM) of the credit union in Cape Coast, under the theme “Credit Union, a vehicle to achieve economic independence”
She said the credit union had a total liabilities and Capital of GHc 1,497.607,61 at the close of June 30, 2011, as against GHc833,399.48 in 2010.
She said an amount of GHc998,000.000 was granted as loans to the members between July 2010 and June 30, 2011 and that loans amounting to GHc 640,687,40 was recovered during the year, representing 64 per cent repayment rate.
The Board chairman said in the past two years of the board’s operation, it has been able to acquire 40 acres of land at Nkanfoa and Mpeasem near Cape Coast for housing and school project and that they have also been able to purchase a van for the office, as well as networked the office.
Mrs Quagraine said the board was also able to retrieve GHc70,00.00 out of GHC120,000.00, as outstanding loans members owed since 2009, adding that, they have also been able to purchase a money counting machine, photocopier and printer for the office.
She said the projection of the Union was to increase its membership by 20 per cent by the end of June this year as well as increase the savings by 50 per cent to generate more funds for general operation, adding that, its share capital would also increase by 14 per cent.
The board chairman said the Union has resolved to increase its minimum shares to GHc100.00 and saving balance at GHc200.00 and the establishment of a private Senior High School, as a source of generating some income for the union.
She said despite the fact that the Union had chalked some successes; it still faced a number of challenges, which include the excessive withdrawals by some members. Loan delinquencies by some members, bouncing of post-dated cheques, as well as delays in getting cash from the Controller and Accountants General’s Department.
Mr Emmanuel Oduro Darko, General Manager of the Ghana Cooperative credit Union Association (CUA) LTD, who was the guest speaker, underscored the important role credit unions play in the socio- economic development of individuals, groups and institutions in the country.
He urged all teachers to join the credit union, stressing that it was the only financial institution, which has a relaxed loan terms, conducive for beneficiaries to improve upon their living condition.
According to him banks and other financial institution were established to make profit but that Credit unions are there to develop human beings, adding that, credit union has a lot of financial benefits to human beings than insurance companies.
Mr Darko commended the board for its hard work and determination, which has brought the Oguaa Teachers Cooperative Union LTD to its present standing, stressing that it was the only credit union in the country to have built its own offices and urged the members to endeavour to repay their loans to ensure the growth and sustenance of the credit union.