- Akosombo Agricultural Development Bank Juapong Branch
- credit.union@ucc.edu.gh
- 233-251-20652
- Adjacent CEDECOM House on the Accra-Takoradi Highway
- credit.union@ucc.edu.gh
- 0332134542
HYDRO CREDIT UNION, AKOSOMBO LOANS COMMITTEE REPORT FOR 2012/2013 FINANCIAL YEAR
During the period of July to June, 2012/ 2013, the loans Committee met once every week on Tuesdays to review and approve loan applications submitted by member.The Committee met on any other day to attend to emergency financial needs of members.
In approving loans to members, the Committee took into consideration the three C’s of CUA that is the character of the borrower, capacity to repay and collateral of borrowers. Besides this, the committee by VRA’s policy on loan services looked at the non-statutory deductions on the borrower’s pay slip, which must not exceed 50%of the borrower’s net salary.
The committee offered financial counselling to members when the need aroused.
Records were taken for the number of female and the male applicants whose loans were approved for payment based on purposes such as housing, medicals, school fees, funerals, business, and others.
The total amount of loans granted for the period under review, was Eight Million, Nine Hundred and Ninety-Five thousand, Four Hundred and Ninety-Two Ghana Cedis only (GH¢8,995,492.00).
Challenges
The Committee encountered some challenges during the period under review and these include;
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Failure of some applicants to provide supporting documents in request for emergency loans.
- Failure of applicants that pledged the repayment of loans against VRA's payment of provident fund to staff, leading to loan delinquency.
Recommendations
The committee recommends that
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Loan defaulters should have their monthly loan deductions increased.
- Loan applicants within the common bond membership; come with their guarantors to the loans desk for counselling on the role of guarantors in case of loan default.
About Us
Hydro Co-operative Credit Union is a financial institution established by the staff of Volta River Authority (VRA) in March 1971. It is thus member-owned, member-controlled and member-financed under the Co-operative law of Ghana.
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