The Akrofuom Teachers’ Co-operative Credit Union continues to show strong performance, recording a net surplus (profit) of GH¢167,740.58, last year.

It had in year 2016, posted a surplus of GH¢144,783.02 on its operations.

Mr. Jonathan Kaku Acquaye, the Board Chairman, announced this at their 30th annual general meeting held at Akrofoum – the capital of the recently inaugurated Akrofoum District.

He told the contributors that a total amount of GH¢607,472.96 was raked in through loan interest charges with interest on investment and other financial income giving the Union GH¢512,797.63, during the period.
To help significantly raise its operating income, it was extending its mobile banking service to Sikaman and other communities across the district.

Mr. Acquaye applauded the mobile bankers for their hard work, commitment and dedication to duty and asked that this was sustained.

He identified loan delinquency as a major challenge the management had been struggling with.

A loan recovery task force had therefore been set up to go from “house to house” to collect all monies owed the union.

The Board Chairman encouraged the contributors to make sure that they were current on their monthly contributions.

Mr. Charles Kwaku Boateng, the Ashanti Regional Director of Department of Co-operatives, encouraged workers to form cooperative credit unions to improve their livelihood.

Interest charges on loans granted by the credit unions were low compared with the banks and micro-finance companies and this should be the attraction.

He gave the Akrofuom Union high marks for sticking to best financial management practices.


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