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.
Source: Ghanaian Times