Ghana Cedis
Cedi Fall Compels Bog To Hold Early Mpc Meeting

By: Robert Ayanful

Loan delinquency has become a major problem concerning Credit Unions and is affecting their day to day practice as savings and money lending institutions.

Ghana Cedis
Ghana Cedis

This was revealed during the 13th Biennial General Meeting and 44th Anniversary Celebration of the Swedru Teachers Co-operative Credit Union and the 8th Biennial General Meeting and 25th Anniversary Celebration of the Emmanuel Co-operative Credit Union held at Agona Swedru in the Central Region respectively.
Already, twenty three customers of the Swedru Teachers Co-operative Credit Union have been dragged before the Agona Swedru Magistrate Court for action for failing to pay for loans they contracted from the Union.
Briefing the media on the action, the Manager of the Union, Ms. Fortune Maud Adu said the decision became necessary after all efforts to retrieve the loans from the members have proved futile.
According to her, the situation has the tendency of affecting the operations of the Unions,if care is not taken.
Addressing staff and members of the Union, the General Manager of the Credit Unions Association [CUA], Mr. B.B. Fidelis described loan delinquency as a threat to the survival of Credit Unions in the country and therefore advised all Credit Unions to adopted mechanisms that will ensure that all loans contracted by their customers are retrieved to ensure their survival in the Savings and Loans industry.
To avoid the possible threat of Court action, the Supervisory Manager in Charge of Deposit Guarantee of CUA, Mr. William Adu-Agyei has appealed to members of Credit Unions to desist from the practice of loan delinquency.
He gave the advice during the 8th Biennial General Meeting of the Emmanuel Co-operative Credit Union at Agona Swedru.
In his report, the Manager of the Union, Mr. Charles Adobaw Graham disclosed that GH 5,140,770.00 Cedis was given at as loans last year, and out of that figure, GH 4,094,565,76.00 Cedis was retrieved by way of repayment.
Some deserving members were later awarded for their commitment and dedication to the Union.

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