Shama Community Cooperative Credit Union (SHACCU) on Saturday declared a profit of GC 7,004 for 2010.
Mr. Joseph Arthur, Chairman of the Credit Union, announced this at SHACCU’s 3rd Annual General Meeting at Shama.
He said in 2009, the Union recorded a loss of 7,933 point 05 Ghana Cedis due to high loan defaulting rate which made it difficult for others to benefit from loans.
Mr. Arthur said this led to “panic withdrawals” and as membership of the union reduced.
According to him, the Union remained resolute and brought the situation under control and now the “union is back on track”.
Mr. Arthur said the union has opened a branch at Komenda in the Central Region and the branch is making progress.
He said saving deposit in 2010 totalled 149,792 point 22 Ghana Cedis, representing an increase of 43 per cent over the previous year’s savings of 104,369 point 34 Ghana Cedis.
Mr. Arthur said loans granted to members amounted to 183,808 point 60 Ghana Cedis as against loans amounting to 97,231 point 42 Ghana Cedis in 2009.