Home Business Volta Lake Co-Operative Credit Union Holds 7th Annual General Meeting

Volta Lake Co-Operative Credit Union Holds 7th Annual General Meeting

Old And New Board Of Directors And Other Executives Of The Union
Old And New Board Of Directors And Other Executives Of The Union

The Volta Lake Co-operative Credit Union (VLCCU) Limited at Akosombo in the Eastern Region has held its 7th Annual General Meeting (AGM) for its members at Akosombo. The meeting marked the second direct engagement with all stakeholders of the Union since the disruption caused by the COVID-19 pandemic in the year 2020.

The VLCCU was incorporated on 5th June 2000 as a Non-Banking Financial Institution that offers financial services to its members in the form of accepting deposits, granting loans, and financial counseling amongst others. Though initial membership of the Credit Union was limited to the Volta Lake Transport Company (VLTC) Limited employees, the membership structure has changed in recent years to include other government and private institutions, individuals, churches as well as small and medium-scale enterprises.

The Chairman of the Board of Directors, Mr. Moses Kwabena Lumor, told the meeting that the Credit Union’s assets grew from One Million, Five Hundred and Twenty-Six Thousand, Two Hundred and Twenty-Six Ghana Cedis, Thirty-Nine Pesewas (Ghc1,526,226.39) in December 2021, to One Million, Seven Hundred and Seventy-Eight Thousand, Two Hundred and Forty-Seven Cedis, Thirty-Four Pesewas (Ghc1,778,247.34) as at December, 2022, representing a 16.51 percent increase.

According to him, Member Savings also grew from One Million, Two Hundred and Thirteen Thousand and Ninety-Nine Cedis, Thirty Pesewas (Ghc1,213,099.30) as of December 2021, to One Million, Four Hundred and Forty-Two Thousand, Two Hundred and Eighty-Eight Ghana Cedis, Forty-Six Pesewas (Ghc1,442,288.46) as at December 2022. This represented an 18.89 percent increase.

Similarly, the Society’s Total Shares went up from Two Hundred and One Thousand, Eight Hundred and Thirty-One Ghana Cedis, Nineteen Pesewas (Ghc201,831.19) as of December 2021 to Two Hundred and Thirty-Eight Thousand, Nine Hundred and Ninety-Three Ghana Cedis, Eleven Pesewas (Ghc238,993.11) as at December 2022, representing an 18.41 percent increase.

Mr. Lumor also thanked the combined efforts of the education committee and the office team which, according to him, led to a 23.29% growth in membership from 820 members as at December 2021 to 1,011 members by the end of December 2022.

The Board Chairman announced that the net loans of members rose from Five Hundred and Sixty-Three Thousand, Two Hundred and Seventy-Three Cedis, Thirty-Five Pesewas (Ghc563,273.35) as of December 2021, to Seven Hundred and Forty-Nine Thousand, Four Hundred and Three Ghana Cedis, Forty-Three Pesewas (Ghc749,403.43) as at December 2022, representing 33.04% increase in growth.

The Board Secretary, Mr. Daniel Nyatuame, Ms. Mary Lawson, Mr. David Adjei as well as Ms. Dorcas Akyeama, took their turns to present to the members, reports of the Board of Directors, Loans Committee, Supervisory Committee as well as Auditors Accounts respectively. The Board Treasurer, Mr. Paul Seidu Gariba also presented the Union’s 2024 Budget for acceptance by the members present.

The Eastern Regional Head of Development and Planning Services of the Credit Union Association (CUA) of Ghana, Mr. Joseph Akweteh, used the occasion to renew his appeal to members not only to take the Union and its activities and operations seriously but also to support the Board of Directors (BODs) and other executives to move the Union forward.

Responding to a couple of questions raised by members of the Union in an open forum, the Manager of the VLCCU, Mr. Sedem Akafo, assured the stakeholders of the Union’s resolve to improve its operations in the coming years.

The AGM elected a five (5) member Board of Directors (BODs) and other Committee Leaders to steer the affairs of the Union for the next four (4) years. The new BODs are under the Chairmanship of Captain Seini Abdulai who lauded the outgoing Board Members for the modest achievements and successes chalked for the Union over the years.

A twenty-one (21) year old staff and Mobile Banker of the Union, Mr. Joseph Tetteh was adjudged the Best Worker for the year 2022. He received a beautiful citation in appreciation of his impact on the Union’s operations.

Another Mobile Banker of the VLCCU and twenty-one (21) year old staff, Mr. Kingsley Ologo was also lauded for cultivating a savings habit at the age of eleven (11) years which has positively impacted his life. Mr. Ologo, who is currently pursuing his Bachelor of Science (BSc) degree programme in Accounting, at the University for Professional Studies (UPS) in Accra, urged the youth to cultivate the habit of saving the little sums of money they get religiously.

The outgoing Board Chairman, Mr. Moses Kwabena Lumor said the outgoing Board is leaving a solid, viable, and sustainable VLCCU for the new Board and the entire membership.

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