By Hannah Awadzi, GNA
Accra, Oct. 24, GNA - The University of Ghana Co-operative Credit Union recorded a net surplus of nearly 50 per cent in the 2018 financial year.
Dr Samuel Nana Yaw Simpson, Chairman of the Management Board of the Credit Union, speaking at its Annual General Meeting , on Thursday, said the net surplus amounted to GH¢4.1 million plus and shareholders would, consequently, receive GH¢0.17 per share as dividend.
“I am glad to inform members that the University of Ghana Co-operative Credit Union is still strong and resilient due to cautious operating practices… the major outstanding difficulty has been the investment in Gold Coast Fund Management Limited,” he said
Dr Simpson assured members that the Board was exploring all formal and informal approaches and not relenting in its pursuit to recover the funds.
He explained that the Union had a reserve of GH¢25,193 652, which was 20 per cent of the total asset prior to dividend payment.
“Our total assets increased from GH¢102, 541 409 to GH¢125, 740 820 - an upsurge of 23 per cent. Savings deposit grew from GH¢64, 078 074 to GH¢74, 884 870, representing a 17 per cent increase.”
The Credit Union has adopted a system called the Balanced Scorecard, an integrated strategic planning and performance management system, to ensure an efficient organisational development, change management and communications, among others.
The Union has also reviewed its bye-laws to ensure that it does not operate outside the remit of the law governing cooperatives
GNA
Read Full Story
Facebook
Twitter
Pinterest
Instagram
Google+
YouTube
LinkedIn
RSS