The University of Education, Winneba (UEW) Cooperative Credit Union increased its net surplus to GHc1,350,525.59 in 2019 from GHc 905,888.76 in 2018, representing 49 per cent growth.
The current minimum required shares also grew by 57 per cent from 3,034 members in 2018 to 4,757 in 2019, increasing members’ savings from GHc 9,538,934.01 in 2018 to GHc14, 070,172. 27 in 2019 representing 48 per cent increase.
It was also able to pay interest of GHc808,183.55 in 2019 on members’ savings compared to GHc530,157.39 in 2018, a progressive rise of 52 per cent.
The total assets increased by 49 per cent within the year, growing from GHc 13,202,498.68 in 2018 to GHs 19,697,846.54 in 2019.
Mr Steve V. Kamassah, the Chairman of the Board of Directors of the Union, at the 19th Annual General Meeting at Winneba, said the feat had maintained the Union’s position as a large size credit union with a Grade “A” in the country.
This year, it was able to advance GHc19,427,249.44 to its members representing 77 per cent increase over what was granted in 2018, which was GHc 10,980,818.56.
On shares, he said: “The total number of members with the minimum shares as at June 30, 2019 was 4,757 and their shares were GHc2,130,155.83, an increase of 74 per cent against shares of GHc1,221,111.47 in the same period in 2018.”
He commended the members with more shares for their efforts and appealed to those with the less than minimum to improve on it.
“The Credit Union Law LI 2225 (2015) requires all Credit Unions to do business with members who have the minimum shares only and those having less than the minimum shares are considered observers at the AGMs,” he said.
The Union made significant strides in building its investment base after having satisfied members’ loan demand, which enabled it to honor its obligation to the Credit Union Association (CUA) with regard to the Central Finance Facility payment of five percent and Statuary Reserve deposit of 25 per cent of the net surplus.
“It has invested 24.1 percent of its total assets, which is in conformity with the Bank of Ghana’s requirement of a minimum of 20 per cent with investments houses to cater for members’ loans and for reinvestments,” Mr Kamassah added.
On Corporate Social Responsibility, the Chairman informed shareholders that during the year under review, the Union donated three 3-in-1 Chest freezers and 10 Knapsack Sprayers to the Effutu Municipal Assembly in support of the 32nd Farmers Day Celebration.
It also presented 80 pieces of Golden English Reading books to the Effutu Municipal Assembly KG/Primary School in support of their Speech and Prize Giving Day and also printed banners in the sum of GHc 5,323.00 in support of UEW Gender Week celebration.
“We also extend our gratitude to the Department of Co-operatives and CUA for the various training programmes for the Board, Committees and the entire staff, that helped to improve the performance of the Union and also recognized the immeasurable efforts of the members, since without them the Union would not have reached this far,” he said.
Reverend Professor Anthony Afful-Broni, the Vice Chancellor of the UEW, in an address on his behalf, applauded the Board and Management of the Union for the open and transparent manner it operated.
He expressed the hope that it will continue to maintain discipline and prudent financial practices to ensure it remained liquid and make more profit.