WACCU declares war on loan defaulters

By Abubakari Ibrahim Wangara, GNA

Wa, Sept 30, GNA – Naa Bawa Seidu, the Board
Chairman of Wa Community Co-operative Credit Union (WACCU), has urged members
to support the Board to wage a relentless war against loan delinquency which
has slowed down operations of the union.

Non-payment of loans for the past decade had
been a bane to the Union’s growth as defaulters succeeded in denying all
members of their highly anticipated dividends this financial year.

Naa Seidu therefore called for a decisive
action to arrest defaulters and haul them to the law court for prosecution.

 “The
union long-term viability will fall below standards, should they pay any
dividend beyond eight per cent of shares,” he said.

“I wish to apologise for this year’s turn of
events and promise you that with your full support, we shall win this war and
come back to the next AGM smiling over a huge and dividend pay-out”.

Speaking during the 19th Annual General
Meeting of WACCU in Wa, Naa Seidu implored members to keep their trust in the
Union’s leaders and continue to do business with the facility.

“Please do not withdraw your membership, but
rather make personal efforts to help overcome delinquency as the delinquent
borrowers are our own friends and family members,” he said.

The Union made anxious efforts at
consolidating its gains made in recent past with focus on stabilising profit
performance to improve viability.

The union’s total value of shares as at June
2018 stood at GH¢1, 742,283.60 compared to GH¢1, 690, 524.31 in the 2017
financial year, representing a marginal increase of three per cent.

Naa Seidu called on those whose shares were
below GH¢100.00 minimum to top up in order to help improve capital adequacy
level of the union.

He said the union has fully met the share
capital threshold.

 GNA

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