HISTORY OF BONYERE TEACHERS CO-OPERATIVE CREDIT UNION (BONTEACCU) LTD
The idea of the formation of the current Bonyere Teachers` Cooperative Credit Union
(BONTEACCU) Ltd was initiated by Mr. Joseph Arde Amodine who was a staff of Bonyere
Catholic Junior High School.
He thought that it was better they came together to save part of their income to overcome their financial problems or generate funds for old age. He therefore discussed this idea with Mr. Clement E. Bebodu who was the headmaster for both the primary and the Junior High School. He also welcomed the idea and summoned all the teachers to a meeting to discuss this idea on 11th February, 1992.
A second meeting was held on Monday, 16th February, 1992 and it was there that the idea was officially started by the following fourteen teachers:
Mr. Joseph Arde-Amodine
Mr. Clement E. Bebodu
Mr. J. M. Whajah
Mr. Thomas A. Ackah
Mr. J. N. Miah
Mr. Raymond Kwofie
Mr. Matthew Atobrah
Mr. J. K. Awuah
Mr. Francis Annor
Mr. Gaglo
Mr. Benjamin K. Ackah
Mr. John Kofi Annor
Mad. Eva Ben and
Mrs. Edna Whajah.
They agreed to contribute an amount of five thousand cedis (¢5000.00) now (GH¢0.50) every month. An application letter was sent to Jomoro Rural Bank to open an account with the name Bonyere Teachers` Welfare Association.
They elected Mr. Clement E. Bebodu, Mr. Amodine and Mr. J. M. Whajah as Chairman, Secretary, and Financial Secretary respectively and they were signatories to the account.
The Bank was mandated to deduct their money at the end of every month and credit it into their account. Deductions started at the end of February 1992.
He thought that it was better they came together to save part of their income to overcome their financial problems or generate funds for old age. He therefore discussed this idea with Mr. Clement E. Bebodu who was the headmaster for both the primary and the Junior High School. He also welcomed the idea and summoned all the teachers to a meeting to discuss this idea on 11th February, 1992.
A second meeting was held on Monday, 16th February, 1992 and it was there that the idea was officially started by the following fourteen teachers:
Mr. Joseph Arde-Amodine
Mr. Clement E. Bebodu
Mr. J. M. Whajah
Mr. Thomas A. Ackah
Mr. J. N. Miah
Mr. Raymond Kwofie
Mr. Matthew Atobrah
Mr. J. K. Awuah
Mr. Francis Annor
Mr. Gaglo
Mr. Benjamin K. Ackah
Mr. John Kofi Annor
Mad. Eva Ben and
Mrs. Edna Whajah.
They agreed to contribute an amount of five thousand cedis (¢5000.00) now (GH¢0.50) every month. An application letter was sent to Jomoro Rural Bank to open an account with the name Bonyere Teachers` Welfare Association.
They elected Mr. Clement E. Bebodu, Mr. Amodine and Mr. J. M. Whajah as Chairman, Secretary, and Financial Secretary respectively and they were signatories to the account.
The Bank was mandated to deduct their money at the end of every month and credit it into their account. Deductions started at the end of February 1992.
AIMS AND OJECTIVES:
I. To encourage members to save
II. To assist members to raise capital for their enterprises
III. To discourage members from seeking loan from high rated money lenders
IV. To help members plan for their future
V. To uphold the dignity of the teaching profession.
At first, it was close because it covered only teachers from the founding schools. A month later, it was open to schools from Bonyere Methodist, Ezinlibo Catholic, Nawule Catholic and Non-teachers who received their salaries through Jomoro Rural Bank. It was upon this that made Mr. J. S. A. Tophey, Mr. Assuah Benle Henry, Mr. Albert Nwi-Mozu, Mr. Akomeyeh James and Mr. Nicholas Nweah Ackah joined them in March 1992 as well as Mr. Martin Annor, a non-teacher. Membership rose to twenty (20).
In January 1993, members increased their contribution to ten thousand cedis (¢10,000.00) now (GH¢1.00) and that helped the welfare to grant salary advance of about forty thousand cedis (¢40,000.00) now (GH¢4.00) and loans of about two to three hundred thousand cedis (¢200,000.00 - ¢300,000.00) ie GH¢20.00 – GH¢30.00. In 1994, a cement store was opened but that did not see the light because we nearly ran at a loss.
ENROLMENT DRIVE
s From 1995, teachers from the cluster schools also had the interest to join. All was due to the good work of Mr. Clement E. Bebodu and Mr. J. A. Amodine who moved from school to school and house to house, meeting teachers to sell the idea and objectives to them. In the year 2009, membership had risen to about six hundred and fifty and during an Annual General Meeting in 2010, members resolved that we change from Welfare to Cooperative Credit Union. This made the Manager, Mr. Clement E. Bebodu and the Secretary, Mr. Albert Nwi-Mozu travel to Takoradi to see the Regional Manager, Mr. Albert Ankomah, of the Credit Union Associations of Ghana for the necessary procedures.
In 2009, the Union bought a permanent building from Mr. Thomas Afo Kanrah, under the management of Mr. Clement Erzoah Bebodu of which we are currently occupying. In the year 2011, membership rose to seven hundred and twenty (720) and during an AGM, members were zoned into four, namely Bonyere, Half Assini, Tikobo no.1 and Mpataba Zones. They were temporary represented by Mr. Nelson Yankey (Half Assini Zone), Mr. Albert Armoo (Bonyere Zone), Mr. Bernard Morkeh (Tikobo no.1 Zone), and George Ackah (Mpataba Zone). These representatives meet management every month to see to the improvement of the Credit Union by going through all the books.
Apart from the Zonal Representatives, we have also formed other committees to help the Credit Union improve. These are the Loans Committee, Supervisory Committee, and Education Committee.