Winneba (C/R)-Ghana, Sept. 3 GNA – Members of the University of Education (UEW) Co-Operative Credit Union Limited, have expressed their appreciation to the management of the Union, for introduction of the Child Savings Product.
According to them, the product had enabled them access loans from the union to carter for their wards education, and had also encouraged other members to patronise the product.
Speaking to the Ghana News Agency (GNA) at 21 Annual General Meeting of Credit Union at Winneba, they applauded the management for induction of virtual banking which they hope will save them from myriad of challenges at times they encountered to get to the office and also appealed the board to put in major consideration of their members who are not computer literate.
Addressing members at the meeting, Dr Bernard Bingab, Board Chairman of the Co-Operative Credit Union said the union made a net surplus of GHc3, 536,397.89 in 2022 as against GHc3, 478,945.62 reported in 2021, representing an increase of 1.65 percent.
He stated the marginal increase in net surplus was because of the high cost of funds and other operating expenses due to price hikes, unstable economy, and hyper-inflation during the last two quarters of the 2022 financial year.
He explained, the credit union was able to pay interest of GHc2 179, 865.04 in 2021 on its members saving as compared to GHc1, 715,926.62 paid in 2019, showing a progress rise of 41.59 percent.
On loans, the chairman stated that, the total loan portfolio increased by 24.89 percent from GHc34, 351,519.39 in 2021 against GHc42, 897,547.12 in 2022.
He said, the Board approved and paid a dividend of 13 percent on members’ shares adding that the total value of shares for the members was GHc7, 990,429.09 representing an increase of 40 percent over that of 2021’s total shares of GHc5,707,783.38.
He thanked members who bought shares during the period under review and appealed to members with less than the minimum shares to buy the shares at GHc300.00 adding that, the Credit Union Law LI.2225 (2015), required all Credit Unions to do business with only members with minimum share capital.
According to Dr Bingab the Union had made significant strides in building its investment base after having satisfied members loan demand.
He noted that the credit union had investments forming 25.8 percent of its total assets in conformity with Bank of Ghana requirement of a minimum of 20 percent and this translated to GHc17, 238,406.70 in 2022, against GHc10, 718,568.20 in 2021.
According to him, the total assets of the union increased by 35.45 percent during the 2022 financial year, growing from GHc49, 315,387.80 in 2021 to GHc66, 799,469.98 in 2022, maintaining its position as a large-size Credit Union, 2nd in Central Chapter and 6th Largest Credit Union out of the over 500 Credit Unions in Ghana in terms of assets size.
He said, as part of its Corporate Social Responsibility, during the year under review the union, supported some activities and institutions with a total of GHc47, 106.00 against GHc67, 232.15 in 2021.
The Credit Union will not have achieved these successes without the magnanimity of the Vice-Chancellors of UEW, Akenten Appiah-Menkah University of Skills Training and Environmental Development (AAMUSTED) Mampong campus and the Principal Officers, he expressed appreciation to them.
Earlier in the day, Mrs Christina Kilson, Chief Executive Officer of the Credit Union said the year under review had been a challenging one due to the economic meltdown that necessitated the Domestic Debt Exchange Programme and other macro-economic factors, thereby affecting the operations of the Union.
She stated that, the union was growing and that the Board would help equip staff with technical and behavioural skills to carry out their duties.
She thanked members of the union, for their continuous support to their operations and expressed appreciation the contributions of all other stakeholders in the affairs of the Union.
