WESSCU makes significant growth

WESSCU makes significant growth

Economics WESSCU Progress

Mildred Siabi-Mensah, GNA

Elubo, (WR) March 23, GNA – The Western Chamber Co-operative Credit Union Limited (WESCCU) has recorded some impressive growth since its inception in 2011.

The union’s assets increased from GH?608,523.99 in 2015 to GH?675,381.27 in 2016 representing 11% growth rate.

Total savings, also grew from GH?775,966, 26 in 2016 as against GH?735,525.80 in 2015 showing an increase of 5 percent while, total shares also increased from GH?68,567.42 last year as against GH?61,070.09 in 2015 representing an increase of 12 percent.

Income, also grew from GH?249,132.25 in 2016 to GHc184, 719.00 in 2015 a marginal rise of 35 per cent and Loans granted to members rose from GH?998,018.94 to 2015 to GH?1, 064,698.07million in 2016, an increase of eight per cent.

Mr Richard Bentil, Board Chairman of WESSCU gave the figures at the Annual General Meeting of WESSCU at Elubo in the Western Region on the theme “The role of credit unions in community development”.

He said the union, had assisted some of the members to establish their businesses and helped other small and medium enterprises to expand and sustain their businesses adding “we have also assisted our members to purchase vehicles for commercial purposes.”

The Board Chairman was however disappointed at the default rates of some members and encouraged members to re-pay their loans on time.

Mr Bentil said the board, together with management was strategising to recoup all locked-up monies from all recalcitrant defaulters and announced that the credit union had acquired a specialised software which gave immediate information on members, ‘this is to help members to know their financial standings on time.’

Mr. Godfred Adanuty, Western Regional Manager of Credit Union Associations (CUA) congratulated WESSCU for their improved performance and urged the Union to observe and give proper account of their stewardship at every financial year.

He advised the members, “You should know that you are the owners of WESSCU so far as you own shares, whatever profit the credit union makes belongs to you as members, save gradually to get profit on your savings and be able to fall on your money when you need loan to support your business”.

The occasion was also used to nominate executive members: Mr. Cadmond Dadzie, Richard Adjorlolo, Vincent Annan, Emmanuel Assi Kofi and Veronica Englysh to the board of directors, while Mr Samuel Abakah, George Amissah Brown and Samuel Forson served on the Supervisory committee.

Mr David T. Addo, Mathew Ade and Monica Asa-Ntow served on the loans Committee.

Source: Ghana News Agency