WACCU disburses 4,050,170.00 Ghana cedi as loans

The Wa Community Co-operative Credit Union (WACCU), has disbursed a total of 4,050,170.00 Ghana cedi as loans to its members within the year 2015.

The loans were disbursed to 517 members made up of 292 males who received 2,176,330.00 Ghana cedi, 212 females given 1,013,540.00 Ghana cedi and 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 5,453,690.09 Ghana cedi outstanding with 227 males 2,548,951.24 Ghana cedi, 392 females 811,183.10 Ghana cedi and 109 organisations 2,093,555.75 Ghana cedi.

Mr. Seidu however said a total amount of 4,500,449.06 Ghana cedi was received as loan repayment which gave the WACCU 1,140,400.34 Ghana cedis as interest on loans.

On delinquent loans, the Loan’s Chairman said 73 males owed the organisation with 104,393.62 Ghana cedi, 46 females indebted with 65,608.64 Ghana cedi and 11 organisations, 11,141.65 Ghana cedi, 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 55.00 Ghana cedi while minimum share had been increased from 50 Ghana cedi to 100.00 Ghana cedi.

Mr. Donneyong said the total share value of WACCU grew by less than one per cent during the year from 645,000 Ghana cedi in June 2014 to 650,000 Ghana cedi at June 2015.

He said savings increased from 6,600,000.00 Ghana cedi in fiscal year 2014 to just 7,100,000.00 Ghana cedi, 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. GNA

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