Leonard Apatey, Chairman of the Board of Directors of Hohoe District Teachers Co-operative Credit Union (HODTECCU) has advised members to repay loans directly to it than through the Accountant General's Department.
He said the union charges three per cent on loans granted and repaid directly to it, but the department charges one per cent commission in addition to the three per cent on the loan.
Mr Apatey gave the advice when addressing the opening session of the seventh annual general meeting of HODTECCU at Hohoe.
He explained that a member granted five million cedis loan and repaid directly to the union would attract an interest of 975,000 cedis but the same loan would attract 1.3 million cedis as interest when repaid through the department.
Mr Apatey noted that the difference of 325,000 cedis was the commission paid to the department and the longer the period to repay the loan the higher the interest on the principal.
He announced that the Board was negotiating with the management of Ghana Commercial Bank and Rural Banks to effect loan deductions for a more manageable fee than the department.
Mr Apatey said members in arrears of accumulated loans would not be assisted any longer.
Source: GNA
DISCLAIMER: The Views, Comments, Opinions, Contributions and Statements made by Readers and Contributors on this platform do not necessarily represent the views or policy of Multimedia Group Limited.
Tags:
Latest Stories
-
Mamobi Disturbance: Police place GH¢20K bounty on man captured with weapon
20 seconds -
Blade Runner 2049 maker sues Musk over robotaxi images
10 mins -
Vacant seat controversy: NDC commends Speaker Bagbin for displaying ‘maturity’ at Tuesday’s proceeding
13 mins -
Akatsi North chiefs honour “Next President” Bawumia
16 mins -
AbrahamTheLion debuts spiritually charged EP, ‘Warrior Kings & Priests’
21 mins -
Parliament brouhaha: This matter is far from over – Dafeamekpor
1 hour -
Clerk of Parliament hasn’t arranged seats; NPP majority position still stands – Habib Iddrisu
1 hour -
We’re engaging international partners to deploy service personnel abroad – National Service Authority
2 hours -
Ghanaians to use VFSGlobal for UK Visa applications from October 22
2 hours -
2024 election: Cynthia Morrison to still contest as Independent candidate
3 hours -
NAPO assures Christian Council of NPP’s commitment to fight galamsey
3 hours -
Ghana Telecom lecturer develops system to detect alterations on scanned ‘pink sheets’
3 hours -
AG defends constitutionality of MPs retaining seats in Supreme Court case
4 hours -
The Weight of Loss – Grieving in a World that Moves On
4 hours -
I will do more for you as president– Bawumia assures Adaklu community
4 hours