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Credit Unions in Grand Gedeh Reviewing Laws
Date Uploaded: Feb 12, 2014

Credit Unions in Grand Gedeh Reviewing Laws
By Chris Nyenapee, Grand Gedeh County Correspondent

ZWEDERU, Feb 11 (LINA)- The leaderships of credit unions in Grand Gedeh County have embarked on the review of the by- laws and constitution governing its membership to conform to financial loan and micro-credit policies around the world.

The co-chairman of the organization, Mr. David C. Mitchell, told LINA that the union comprising forty - nine Susu and Village Credit Clubs from all administrative districts of the county are finding it difficult to collect loans on time and pay dividends to members at the
end of each fiscal year.

He said a reform to adapt to present-day reality and give borrowers reasonable time for a rapid turnover of money borrowed to payback is important now.

At present, Mr. Mitchell lamented, individual members in all the clubs want one hundred per cent of their shares plus interest at the end of each fiscal year something which, he said the credit union heads are finding difficult to comply with, due to slow payment and excessive
interest rate.

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