Saint Peter’s Cooperative Credit Union Ltd in Kumasi recorded a surplus of GH¢391,049.66 in 2014 as against GH¢188,900.22 in 2013, representing an increase of over 100 per cent.
Its assets also grew from GH¢8,735,061.70 in 2013 to GH¢10,089,771.91 in 2014, and this represents an increase of 15.5 per cent.
Aside the high operational cost that confronted the credit union in the year under review, it was able to disburse a loan of 2,518 to the tune of GH¢7,008,404.14.
The loans went to such areas as the payment of school fees, housing, transportation, businesses, liquidity support, agriculture among other sectors.
The President of the Board of Directors of the credit union, Dr Anthony K. Edusei, who announced this, attributed the gains made to prudent and pragmatic measures put in place by the management and staff.
He, therefore, commended the various stakeholders who contributed in diverse ways to bring about such a feat.
Dr Edusei was speaking at the 44th annual general meeting and first anniversary for the Suame branch of the credit union in Kumasi.
A former senior lecturer at the Kwame Nkrumah University of Science and Technology (KNUST), Mr Anthony Augustine Aidoo, who was the guest speaker, identified unguided investment as the cause of the collapse of over 30 micro-financial institutions across the country last year.
He urged all financial institutions in the country to desist from using their clients’ deposits/investments to open new branches or using them for development projects since it was not only a bad practice but dangerous as well.
Mr Aidoo cautioned investors not to allow themselves to be deceived by people who came assuring them of interests which were too high since they could be dangerous in the long run.
He appealed to credit unions and other financial institutions to create products that could reduce poverty and improve the lives of their clients, adding that there was the need for them to support development in their operational areas.
Mr Aidoo reminded investors to do a background check on institutions before they invested their money to avoid being swindled by fraudsters who were looking for ignorant people to take advantage of.
The credit union had procured 100 building plots at Bomso Sasaamo where they were constructing houses for their members to pay by instalment.
The occasion was used to present keys to 10 members who qualified for their houses. This brought to 37, the number of clients who had benefited from the building project.
Four members were also honoured at the function in the categories of best saver, highest shareholder, best loan re-payer and the best business accounts holder. They took home prizes such as home theatres and pieces of cloth.