The Emmanuel Cooperative Credit Union Limited says it has put up a sterling performance to meet the growing demand for loans and other financial services of its members to expand their businesses.
Mr Benjamin Essilfie, General Manager of the Credit Union made this known when he briefed the media, in Agona Swedru, about the operations of the union on the post-COVID-19 pandemic financial recovery operations.
Throwing more light on the financial position of the union, Mr Esssilfie said the mobilization of savings and other financial indicators went well in 2021.
“And 2022 seems promising in the first half,” he said but added that unfortunately, the economy started crumbling mid-year, and they are affecting the indicators.
He said the withdrawals from their savings, especially by traders, businesspeople and women became frequent due to unstable prices of goods and services and that many businesses were struggling to survive.
He said the credit union was able to meet loans applied for different purposes by the members in the areas of trading, school fees, building projects, funerals, rents, commercial transport, medical bills, and others totalling four-point-four million Cedis in the year under review.
According to the General Manager, for the 2022 fiscal year, the total loans given out will amount to GHC 16, 599, 321.77is.
He said the union had decided to grow its loan portfolio to 30 per cent annually at an estimated amount of GHC 37,786, 841 .62 by the year 2025.
Mr Essilfie hinted that savings were also expected to grow by 30 percent from this year’s figure of 15, 467, 526,.30 to 43, 560, 153.0 million Cedis by 2025.
The General Manager underscored that the total asset of the Union by the end of the implementation of a five-year strategic plan will be 75, 000,000 million Cedis
He said as part of the social responsibility of the union to serve members in the catchment areas, an educational scholarship scheme named after the founder of the union, the late Mr J.K Amoah had been instituted to support members who need help in education.
Mr Essilfie said the management of the Emmanuel Credit Union had put in place stringent measures to tighten internal control mechanisms to avert fraudulent practices by staff members.
He said the credit union was currently undergoing expansion at its headquarters at Agona Swedru to recreate additional offices for staff members to meet the growing demand service of the members.
According to Mr Essilfie, the expansion works would be carried out at its three branches at Kasoa, Awutu Bawjiase and Mankessim and in other parts of the Central region will be done next fiscal year.
He said the management of the Union was prosecuting 22 recalcitrant loan defaulters who refused to service their loans after three to four years, at the law court.
Mr Essilfie, therefore, made an appeal to members who have defaulted in paying their loans to do so without delay for others to enjoy the facility to expand their businesses.
