Business News of Friday, 25 December 2015
Mr Ralio K. Bakers, Brong- Ahafo Regional Manager of the Credit Union Association of Ghana (CUA), has observed that the steady growth and viability of the Regional Hospital Co-operative Credit Union (BARHCCUS) is encouraging.
He said most primary societies (credit unions) struggled within their first three years of formation, to break even, let alone make profit.
“However, barely three years of its operation, BARHCCUS is posting remarkable returns,” he said.
Mr Bakers made the observation at the 3rd Annual General Meeting of BARHCCUS in Sunyani.
He commended the management of the Regional Hospital for supporting a worthy course.
He gave the assurance that CUA would always ensure that Credit Unions’ monies are well protected and utilised to meet the financial needs of members.
Mr Abraham Kwame Asare-Bediako, the Hospital Administrator recounted that BARHCCUS was born in 2011 when the hospital was going through severe financial stress.
He expressed happiness that the initiative is yielding fruitful results.
Mr Asare-Bediako called on the Board of Directors and Management of the Union to work hard in other to acquire their own office accommodation to expand operations.
Mr Alfred Tetteh, Chairman of BARHCCUS’ Board of Directors in his report, said from a humble beginning of 288 members the union currently has membership strength of 781.
He said the members’ shares grew from GHc46,810 in 2014 to GHc62,743 in 2015, representing an increase of 25 per cent.
Members’ savings rose from GHc171,710 to GHc267,709 in 2014 and 2015 respectively, posting a growth rate of 35.9 per cent.
The Chairman stated that GHc314,600 was disbursed to members as loans for productive purposes during the period under review.
He said the general performance of the Union during the 2015 financial year, yielded a surplus of GHc42,264.83.
Mr Tetteh said BARHCCUS has obtained the Certificate of Affiliation to CUA, and therefore, called on all and sundry to feel free and safe the body for better living conditions.