The Abura-Asebu-Kwamankese (AAK) District Teachers Co-operative Union, has held its 27th shareholders’ Annual General Meeting on the theme ”Growing our resources together for a better future and bouncing back better”.
The shareholders during the meeting, discussed the 2021 financial report, expectations for subsequent years and later elected new executive officers to steer the affairs of the credit union.
Mr Willyevans Obiri Awuah, the board chairman, in his address noted that Ghana’s economy in 2020 was not spared the adverse impact of the COVID-19 pandemic, as experienced across the globe, but despite the challenge, the Union achieved some gains in its performance.
He said shares shot up from GH¢709, 182.25 in the year 2020 to GH¢958, 834.01 in the year 2021.
The board chairman, also the District Chief Executive of AAK, noted that savings stood at GH¢6,674,128.72 representing 30.18 per cent increase and surplus for the year amounted to GH¢142,080.73 as against GH¢129,781.72 in June 2021.
Currently, he said the assets of the Union was GH¢8,673,616.30 indicating that the financial institution is a minimum size credit union in terms of assets per the Credit Union Association (CUA) standards.
Mr Awuah paid glowing tribute to the pioneer teachers, past board members and managers who worked tirelessly over the years to propel the growth and development of the credit union.
He admonished members to keep faith with the union, increase shares and savings to make the union stronger and viable.
He said some challenges faced by the union, included rampant savings withdrawals, high rate of delinquency and untimely release of funds from Controller and Accountant General’s Department.
Mr. Ebenezer Ekow Pamful, Manager of the credit union, called on workers to be committed and dedicated to working towards ensuring that the credit union expanded its frontiers to other parts of the region.
He charged members to also increase their shares and make regular savings to make the union stronger in the competitive non-banking sector and urged members to pay their loans religiously for others to benefit.
In addition, he advised members to cultivate the habit of savings since it was the only way to alleviate poverty and encouraged members to top up their shares to receive the accompanying rewards.
Mr Williams Ansah Acheampong, Central Regional Director of the CUA commended shareholders and board members for their collective efforts that had sustained the operations of the union.
He advised loan defaulters to pay to avoid embarrassment in the media.