Wa, Sept 30, GNA – The Wa Community Co-operative Credit Union (WACCU), has disbursed a total of Ghȼ 4,050,170.00 as loans to its members within the year 2015.
The loans were disbursed to 517 members made up of 292 males who received Ghȼ 2,176,330.00, 212 females given Ghȼ 1,013,540.00 and Ghȼ 860, 300. 00 Ghana cedi provided to 67 organisations.
Mr. Paul N. Seidu, Chairman of the Loans Committee of the WACCU made this known when he presented the financial report of the organisation at its annual general meeting in Wa.
He said a total cumulative number of 728 loans were outstanding giving a total cumulative amount of Ghȼ 5,453,690.09 outstanding with 227 males Ghȼ 2,548,951.24, 392 females Ghȼ 811,183.10 and 109 organisations Ghȼ 2,093,555.75.
Mr. Seidu however said a total amount of Ghȼ 4,500,449.06 was received as loan repayment which gave the WACCU Ghȼ 1,140,400.34 as interest on loans.
On delinquent loans, the Loan’s Chairman said 73 males owed the organisation with Ghȼ104,393.62, 46 females indebted with Ghȼ 65,608.64 and 11 organisations, Ghȼ 11,141.65, bringing the total amount owed the organisation to 181,143.91 Ghana cedi.
Mr. Seidu said some members refuse to listen to financial counseling, poor loan repayment pattern of some loaners, emergence and fall of mushroom financial organisations, and low savings balances of some loaners as some of the challenges hindering repayment of loans.
Mr. Moses N. Donneyong, WACCU Board Chairman, said the Union saw good growth in its membership of 13,779, representing growth rate of six percent from 13,028 last year.
Seventy-four per cent of the members had the total of their shares and savings being at least Ghȼ 55.00 while minimum share had been increased from Ghȼ 50.00 to Ghȼ 100.00.
Mr. Donneyong said the total share value of WACCU grew by less than one per cent during the year from Ghȼ 645,000.00 in June 2014 to Ghȼ 650,000.00at June 2015.
He said savings increased from Ghȼ 6,600,000.00 in fiscal year 2014 to just Ghȼ 7,100,000.00, representing eight per cent growth over the previous year.
He said the Union failed to stay within Credit Union Association standard of 80 percent of assets as savings and urged members to consider the Union as their own and a dependable partner.