BE WARY OF FAST SPRINGING MICRO FINANCE INSTITUTIONS (PAGE 39)

TEACHERS have been advised not to withdraw money they have saved with their credit unions.
They have also been cautioned to be wary of the baits being offered them by the fast springing micro finance institutions.
The National Treasurer of the Credit Union Association (CUA), Mr Stephen Quarshie Dzorkpata, who made the call, said they should think seriously about the promises before withdrawing their money from CUA since they were likely to regret later.
Mr Dzorkpata was addressing the ninth annual general meeting of the Hohoe Municipal Teachers’ Co-operative Credit Union Limited (HODTECCU) at Hohoe in the Volta Region.
He said there was no free lunch anywhere so they should rather strengthen their own credit union to provide them with all the assistance they might need to improve their living standards.
According to him, there was a crazy race today for ostentatious living in the face of scarce resources, adding, “this crazy race has led many of us into covetous and nefarious practices which end ignominiously”.
Mr Dzorkpata who is also the Chairman of the Board of Directors of the Volta Regional Chapter of CUA, said the credit union concept had come to salvage teachers from those woes, depending on their ability to study their own environment and make something out of what appears to be nothing.
He stated that the number of credit unions had shot up to 501 nation-wide, 26 of which were in the Volta Region.
Mr Dzorkpata added that, “The total membership of CUA is 276,479 with 14,739 of the members in the Volta Region while total assets nationwide is GH¢135,719,732 and that of the Volta Region is GH¢6,259,550.
The national treasurer, therefore, urged the teachers to be content with their living conditions and brighten the corner where they were.
The Chairman of the Board of Directors of the HODTECCU, Mr Leonard Apatey said despite the various temptations by the credit unions, their membership continued to rise having gone up from 1,891 in 2007 to 2,353 as of June, 2008.
He said the union’s savings had also grown from GH¢795,711 in 2007 to 981,869.12 as of June, 2008.
He noted with delight that constructional work of a two-storey office complex would soon start on a piece of land near the Prestige Hotel in Hohoe to make it more accessible to members.