Dr. Yaw Dwomoh-Forkuoh, Senior Lecturer of the Department of Pharmacy of the Kwame Nkrumah University of Science and Technology (KNUST), has urged the government to channel Poverty Alleviation and Social Investment Funds through Credit Unions to ensure equitable distribution and effective monitoring of repayment schedules.
This, he said, would also enable the funds to be used productively to impact positively on the lives of the rural folks.
Dr. Dwomoh-Forkuoh was addressing shareholders of the Dunwell Cooperative Credit Union Limited at its 7th Annual General Meeting (AGM), for 2007 in Kumasi on Sunday.
He noted that the passage of he Credit Union Bill was long over due and called on the government to expedite action on it to ensure proper management and operations of the Unions.
Dr. Dwomoh-Forkuoh, who was speaking on the theme" Credit Union: Supreme Authority Vested in the Members", stressed the need for the management of the Unions to invest in viable economic ventures to enable them develop.
He said Loan Delinquency was among the obstacles militating against their growth and appealed to members to pay back loans granted them promptly to enable others benefit.
The Senior Lecturer emphasised the need for the Management of the Unions to equip their staff with skills acquisition, basic financial management, marketing strategies and writing of business plans and others to help the Unions develop.
Mr. K.K. Darko, the out-going Chairman of Board of Directors of the Union, disclosed that the total savings of the Union, which stood at over GH¢ 260,000 in 2006 was increased to over GH¢ 340,000 in 2007.
He said the Union also granted over GH¢ 300,000 as loans to its members made up of teachers, traders, mechanics, farmers. Industrialists and others to expand their businesses.
Mr. Darko, announced that the Union recorded profit of GH¢14,830.89 under the year under review and attributed the meagre profit to some internal problems which affected the Union's Operations.
The out-going Chairman also said the Union's membership which stood at 30 in 1996 has now been increased to 1,400 and hoped that it would intensify its education to enable more members to join the Union.
A new office for the Union renovated at the cost of GH¢ 28,000 was commissioned in addition to the launch of its new Micro- Finance Boxes.
A new eleven-member Board of Directors for the Union under the Chairmanship of Mr. William Okoh was elected for a two-year term.