The Western Co-operativeÂ Credit UnionÂ (WESCCU) recorded assets totalingÂ GHÂ˘91,052.41 with a total income of GHÂ˘5827.54 in the 2011/2012 fiscal year which ended on June 30, 2012.
The Union’s Net Surplus also stood at GHÂ˘ 5,282.24 during the period under review compared to GHÂ˘2,015.58 during the previous financial year.
Richard Bentil, Board Chairman of WESSCU disclosed these at the maiden Annual General Meeting (AGM) of the credit union recently. It was on the theme, âEnhancing Business through affordable credit.â
WESSCU was established about two years ago by the Sekondi-Takoradi Chamber of Commerce and Industry to mitigate several problems. It has branches in the Sekondi-Takoradi metropolis and Elubo.
Mr. Bentil indicated that the past two years had beenÂ challenging against the backdrop that WESSCU is a new credit union with the vision of bridging the financial gap in the business community.
âSome of the challenges are human resource, logistics, irregular savings and inability of members to save above stated savings,â he added.
He mentioned that despite the challenges, the membership of the credit union steadily increased from 20 to 294 as at June 30, 2012.
Ato Van-Ess, Chairman of the Sekondi-Takoradi Chamber of Commerce and Industry, explained that the objective of WESCCU is to offer free and affordable credit to SMEs.
âThrough self financial mobilization, we were of the conviction that we could provide the needed credit ourselves without knocking at the doors of the traditional financial institutions,â he stressed.
Cadmond Dadzie, Treasurer to Chamber, stressed the benefits of credit unions, saying they had created opportunities for many workers to enhance their living standards through regular savings.
Â ByÂ Emmanuel Opoku, Takoradi