Mr. Kenneth Atta Danquah, Ashanti Regional Chairman of Co-operative Credit Unions, has called on the unions to conform to healthy investment practices that would help them to sustain their operations.
He said this should include keeping 25 per cent statutory reserves, the five per cent Central Finance Facility Savings and Stabilization Fund.
Mr. Danquah was addressing the 37th annual General Meeting of the Building, Road and Research Institute (BRRI) Co-operative Credit Union at Fumesua near Kumasi on Wednesday.
He urged the management to initiate programmes and policies that would be of benefit to the members and members should also increase their savings to expand the investment base of the union.
Mr. Mohammed Baba Braimah, the Chairman of the Board of Directors, presented his 2008/2009 report and said the economic situation that prevailed during the year has had a mixed effect on the operations of the Union.
The union were therefore forced to reduce interest rate charges on loans granted to the members from three to 2.5 per cent to remain competitive in the industry.
The overall impact was that the year's profit reduced by about four per cent.
He said savings mobilization had gone up by 19.5 per cent.
Mr. Eugene Atiemo, Director of the BRRI, appealed to the directors to re-double their commitment to make meaningful investments to enable the members to improve on their standard of living.
Her called on members to make judicious use of loans granted them so that they would be able to repay for others to also benefit from it.