The Board of Directors of the University of Education Winneba (UEW) Co-operative Credit Union Limited has called on members and stakeholders to maintain the confidence they have in the Union and its operations.
Dr Bernard Bingab, the Chairman of the Board, gave the assurance at the 20th Annual General Meeting (AGM) of the atUnion fficeat its Head Office at Winneba.
The meeting assessed the performance of the Union for the years ending: June 30,2020, half year to December 2020 and January to December 2021.
Its net surplus for 2021 amounted to Ghc3, 478,945.62, as against GHc1, 350,525.59, recorded in 2019, representing 158 per cent.
Dr Bingab said the Union paid an interest of GHc1, 715,926.62 in 2021 on members’ saving compared to GHc808, 183.55 in 2019, depicting a progressive rise of 112 per cent.
Members’ savings increased from GHc14, 070,172.27 in 2019 to GHc34, 203,614.54 in 2021, an increase of 143 per cent.
Despite the high increase in the savings portfolio, savings retention was 81.76 per cent in 2021, he said.
The Union within two and half years, was able to advance GHc100,236,920.38 as loans to members, representing 415.96 per cent to the GHc19,427,249.44, granted in 2019.
Dr Bingab said despite frequent withdrawals by members, the Union made significant strides in building its investment base after satisfying member’s loan demands.
“Our investments formed 21.7 per cent of our total assets in conformity with Bank of Ghana’s requirement of a minimum of 20 per cent, which translated to 10,718,568.20 against GHc4,381,793.76 in 2019,” the Chairman said.
The total assets of the Credit Union within two and half years grew from GHc19, 697,846.54 in 2019 to GHc49, 315,387.81 in 2021, an increase of 150 per cent for the year under review.
He announced that, as a result, the UEW Co-operative Credit Union maintained its position as a large size credit union and the sixth largest out of 500 unions in Ghana in terms of asset size.
He commended the members for their continuous immeasurable support and contributions that have brought the Credit Union that far.
“We have also proposed 7.5 percent and 17 percent dividend on shares for the 2019 half year to 2020 and 2021 financial year, respectively, paying dividend of 15 percent on shares for 2018/2019 in October 2019,” Dr Bingab said.
A total of 14,454 members where with minimum shares as of December 31, 2021, with total shares of GHc 5,707,783.38, an increase of 168 per cent over 2019 total shares of GHc2,130,155.83.
He thanked members who bought more shares during the years under review and encouraged those with less than the minimum share capital to buy at least the minimum, to enable the Union to continue to do business with them with regard to the Credit Union Law, LI 2225 (2015).
As part of its corporate social responsibility during the years under review, the Union donated some Personal Protection Equipment (PPE) to the Effutu Municipal Health Directorate and Central Regional Hospital (Trauma and Specialist Hospital, Winneba).
“We also supported the Akenteng Appiah Menkah University of Skills Training and Environment Development, Kumasi Campus with three 3-in-1 patient waiting chairs, Mampong Campus with eight 3-in-1 patient waiting chairs, and sponsored the Best Business, Technology and Agricultural Student award at UEW,” Dr Bingab said.
It also sponsored the 2020/2021 Farmers Day in Effutu with an amount of GHc67, 232.15, among other things.
“Aside our achievement the Credit Union has a number of challenges, which include, delays in the release of funds deducted from members on payroll on behalf of the Union as this affected its income generating capacity throughout the year.”