By Benjamin Akoto, GNA
Sunyani, April 16, GNA – The University of Energy and Natural Resources (UENR) Cooperative Credit Union has declared a net profit of GHS317,474.73 for the year ended December 31, 2022.
During the same period, the Credit Union earned GHS601,105.33 in interest on loans, GHS 4,250.42 in interest on liquid investments and GHS 39,738.03 in non-operating income, resulting in a total income of GHS645,093.78.
The total operating expenses for the year 2022 amounted to GHS327,619.05, resulting in a net surplus of GHS317,474.73 as the Union’s profit.
Dr. Alfred Ohenenana Appiah, the Board Chairman of the Union at the 3rd Annual General Meeting covering the years 2019, 2020, 2021 and 2022 in Sunyani stated that the Union’s total assets grew by an impressive 371 percent, reaching GHS5,324,364.01.
He indicated that despite the economic uncertainties, the Credit Union’s achievement of a net profit in 2022 demonstrated the resilience and stability of its operations.
Dr. Appiah said to better serve their members, they reduced the interest rates on the normal loans from 2.5 percent to 2.1 percent and on the special loans from 2.8 percent to 2.5 percent.
He said the decision was made to meet the diverse financial needs of members to enable them to achieve their personal and professional goals.
The board chairman mentioned the progress of the union membership with a 150 per cent increase, which demonstrated the increasing trust and confidence rendered services among the members.
Speaking on the theme, ‘’Providing Financial Independence: A Key Tenet To A Happy Family’’, Professor Yaw Ofosu-Kusi, a former Dean of the School of Arts and Social Sciences of UENR, emphasized the importance of a credit union that offered financial education, secure investment opportunities for members’ funds, and financial support at minimal costs without requirement of any collateral.
He highlighted the positive impact of the Union in providing stability in the homes of members to alleviate the financial burdens of members in payment of children’s school fees and financing for important investments like building constructions.
Professor Ofosu-Kusi said inflation consistently eroded the value of financial resources, particularly savings, leading to increased uncertainty, which may drive individuals to turn to traditional financial institutions for stability.
He explained many of these institutions, which prioritized profitability and shareholder value over the well-being of depositors may face liquidity challenges, bankruptcy and even disappear entirely, mirroring the actions of rogue microfinance institutions in the country.
He stressed that the current challenges highlighted the importance of unity in the pursuit of financial security, while noting that workers worldwide, especially in the global south, had recognized such need and established thousands of cooperative credit unions to address it.
During the AGM, shareholders decided that the shares of the credit union would increase from GHS400 to GHS500. A dividend of GHS0.40 per share was approved for 2022.
GNA