UG Co-operative Credit Union records net surplus

The University of Ghana Co-operative Credit Union Limited has posted a net surplus of GH¢13, 737,404.00 at the end of the financial year, ending June 30, 2022 as compared to GH¢11, 036,554.81 realised last year.

This represents an increase of 24 percent in growth over the previous year.

Total assets also grew from GH¢177, 923,759.00 in 2021 to GH¢208,333,851.91 as of June 30 this year representing 17 percent.

The shareholders also approved that 48 percent of the surplus profit amounting to GHS5, 297,546.31be paid as dividends to members.

The outgoing chair of the management board, Professor Samuel Nana Yaw Simpson disclosed this at the annual general meeting of the Credit Union at the Great Hall of UG on Saturday in Accra.

He said a total ofGH¢63,044,500.00 was approved as loans for 2022 representing an increase of 12 percent as against GH¢56,185,752.70 for the same period last year.

Prof. Simpson indicated that despite the COVID-19 pandemic outbreak, the financial sector clean-up, high inflation and disruption in the world economy the union emerged stronger in business processes, governance sustainability, product innovations and asset growth.

“We managed to grow our total assets and loan assets cumulatively by 65.69 and 79.44percent respectively adding net surplus cumulatively increased by 57.29 percent during our tenure” he added.

He said during the year under review, the union received four awards at the Biennial Delegates Conference organised by the Ghana Cooperative Credit Unions Association (CUA), including, the best performing credit union for the years 2020 and 2021,the best credit union for Innovation, IT infrastructure, product and services,

  The Ghana Microfinance Institution Network (GHAMFIN) also conferred the Union Financial Institution of the Year award on the union at the network’s maiden Non-Banking Financial Institutions award ceremony. 

The outgoing chair said the unions as part of its corporate social responsibly had started the construction of a 50-bed ultra-modern emergency facility at the Legon Hospital to commemorate its 50th anniversary celebrations.

Prof. Simpson said the project when completed would provide first class healthcare for members and the citizenry and commended the members for their support and commitment and urged them to accord the new board the support.

The new Management Board Chairperson, Mr Michael Antwi, assured that the Board, together with management staff, and various committees, would work closely to serve the interest of all members and give them value for their money.    

He used the occasion to call on institutions to register with the UG credit union and enjoy the benefits thereof, including the 21.6 per cent per annum interest on loans, adding we are still open to institutions with provident funds to join us in this history making process. 

BY LAWRENCE VOMAFA-AKPALU

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