Credit Unions Not Gold Mines

Sunday February 28, 2010
By Winston Tamakloe, Ho

Credit unions are not gold mines, the chairman of the board of directors of the Ho District Teachers Co-operative Credit Union, Mr Stephen Dzorkpata, has cautioned.

He said “we should not see credit unions as gold mines or our property and thus misuse the contributions of members”.

Mr Dzorkpata gave the caution at the 13th annual general meeting of the union at Ho on Saturday.

The meeting, which was on the theme ‘The credit union, a tool for poverty alleviation’, was also used to commission the first phase of a two-storey office complex at a cost of GH¢220,000.

It is expected to cost GH¢500,000 when completed.

Mr Dzorkpata said the board would not hesitate to dismiss any member who misappropriated funds belonging to its members.

He urged boards of such unions to be proactive to increase their membership drive towards poverty alleviation.

Mr Dzorkpata disclosed that the union made a marginal net surplus of GH¢63,060.18 against GH¢20,822.50 in June 2007 and was hopeful that the performance would improve by the end of June 2010 should the membership drive increase.

He stated that total active membership over the period decreased by 12.1 per cent.

Emmanuel Oduro Darko, General Manager, Ghana Co-operative Credit Union Association, urged the leadership of credit unions to engage qualified staff to manage their operations and put up permanent buildings to reduce huge operation costs.

He advised them to improve upon their efficiency and continue to provide quality services to encourage others to join, to reduce their poverty levels.

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