Total assets of Dormaa Teachers Cooperative Credit Union increased from 1.16 million Ghana cedis in 2007 to 2.26million Ghana cedis in 2008 as membership appreciated by 44 per cent from 1,630 to 2,354 the same period.
The union's share capital also increased by 48 per cent from GH C 100,000.00 to GH C 148, 000.00 since members unanimously agreed at their 2008 annual general meeting to peg the minimum share at GH C 70.00.
Mr. Kwasi Siaw, Board Chairman, disclosed this in a welcoming address at the union's 10th annual general meeting at Dormaa Ahenkro.
He said total savings by members during the period under review also went up by 119 per cent from GH C 966,000 to GH C 1.12 million.
Mr. Siaw announced that loans granted to members to undertake housing, education, health, transport and other small, medium scale businesses also increased from GH C 693,000 in 2007 to GH C 1. 5million in 2008 adding, most of the beneficiaries lived up to their schedule of repayment.
He said plans were far advanced as part of the union's social responsibility to establish an additional computer training centre at Wamfie in Dormaa East District to provide computer literacy to the members and the general public.
Mr. Siaw said the biggest problem of the union was withdrawal of savings by members, "which holds back the financial base of the union" and announced that management would institute alternative measures to halt the practice, while members could still find solutions to their financial needs.
The General Manager of the Credit Union Association of Ghana (CUA), Mr. Emmanuel Oduro Darko, urged credit unions to adopt best practices whilst exploring the possibility of providing banking services for the poor.
He asked credit unions to embark on comprehensive membership drive and to show consciousness of profitability, assets quality and capital adequacy levels if they should exist as viable financial intermediaries.
Barima Dei Kusi Gyabaa, Ankobeahene of Dormaa Traditional Council, commended the credit union for growing in leaps and bounds over its relatively short period of existence and urged it to expand its corporate social responsibility, particularly in education.
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