Mr. Frederick Mensah Ashitey, the Ashanti Regional Manager of Ghana Co-operative Credit Unions Association (CUA), has appealed to members of the Akrofuom Teachers Credit Union, (ATCU) to increase their savings to help improve the assets of the union and strongly consolidate its financial position.
Addressing the 31st Annual General meeting of the Union at Adansi Akrofuom, he said the Association was intensifying its public education campaigns to encourage members of the unions to increase their savings to help sustain their operations in the future.
Mr Mensah appealed to the unions to develop innovative products and services that would help attract people to join and maintain their savings.
He also stressed the need for management of the unions to strengthen their risk control mechanisms by working to recover all loans and urged members of the ATCU to ensure prompt payment of the loans granted them to enable others to benefit.
The ATCU was able to increase its net savings from GH¢3,083,676.42 in 2017 to GH¢3,203,987.16 in 2018.
The Union also increased loans granted to its members from GH¢1,466,705.66 to GH¢1,497,365.41 in the year under review.
Mr. J.K Acquaye, Board Chairman of the union said changes made by management had helped to enhance the activities of the Union and commended the management for working hard to reposition the union.
He appealed to members to repay their loans promptly to position the union firmly in business.