'Credit unions have helped worker' page 34, Feb 5

Story: Tim Dzamboe, Ho

The board chairman of the Volta Electricity Company Limited (ECG) Credit Union Limited (VEECCU), Mr J.J Danjo has affirmed that the establishment of the union at the workplace has augmented the company in providing solutions to the financial problems of its employees.
According to him, “poverty among members has become a thing of the past; and the members are now above the national poverty line”.
Mr Danjo said this at the annual general meeting of the credit union at Ho last weekend.
He disclosed that average member savings ratio as at June 30 last year stood at 1: GHC860 with the per capita income at GHC 1000 adding that loans to members rose from GHc39, 217.04 in June 2001 to GHc247, 309.37 last year.
He further said share capital shot up considerably while accumulated savings rose ten times within six years saying that members have fully cultivated the idea of regular savings.
Mr Danjo however said despite the growth of various portfolios the failure by members to retain interest and dividends affected the growth of the capital of the union stating that cash flow from the business for the payment of interest and dividends amounted to GHc130, 000 which hitherto could have been a bulky asset to the union.
He said the union had purchased 16 plots of land for the construction of hostel facilities for students of the Ho Polytechnic and the Evangelical Presbyterian University at Ho.
To this end VEECCU has presented a 2.5 HP air conditioner and two dust bins valued at GHc1,050 to the E.P University.
Mr Danjo said the donation was part of the social responsibility to the people within its operational areas adding that VEECCU lauded the efforts of the E.P Church to establish a university to bring tertiary education to the door steps of the people of the Volta Region.
He called on all well meaning people, organizations, establishments in the region to contribute their quota in cash or kind towards this noble cause by the E.P Church adding that the establishment of a university in the region was long overdue.
The president of the university, Mr Walter Blege thanked the union for their gesture and urged others to join the advocacy for support for the university.
He said he was highly impressed of a donation coming from a workplace institution.