By James K. Madakena
Accra, May 1, GNA – The University of Ghana Co-operative Credit Union has held its Annual General Meeting at the University Campus.
The meeting brought together all members from the Junior,Senior, and Pensioners saving with the credit union.
In his report , Chairman of the Management Board Mr. Michael Asante Antwi said the period under review coincided with severe economic challenges experienced in Ghana.
Among them, he said was the depreciation of the credit against major foreign currencies such as the dollar, pounds and euros.
He said the total net income rose from 25,834,610.79 in 2022 to 42,291,095.36 in 2023. The net surplus rose in 2022 from 13,824,046.50 to 16,035,264.82 in 2023.
He added that the total asset rose from 203,273,823.87 in 2022 to 254,408,193.76 in 2023, noting that members deposit rose in 2022 from 127,289,180.94 to 156,142,950.39 in 2024.
On loans to members, he said it also rose from 123,550,032.02 in 2022 to 148,152,347.42 in 2023.
The Chairman said membership also rose from 9,232 in 2022 to 10,054 in 2023.
He said the financial period under review has been very eventful amidst the economic difficulties experienced in Ghana.
With the corporate and social responsibilities, the construction of a 50-bed capacity emergency centre at the University hospital to commemorate the 50th Anniversary celebration of the union, the technical team estimated that an amount of 1,500,000.00cedis will be required to complete the project and therefore implored Members to approve the additional request.
The Board Chairman said to enhance the growth of the Credit Union, they decided to admit spouses and adult children to join the the Legon Credit Union.
In attendance were the Vice Chancellor, Professor Nana Aba Appiah Amfo, who commented on the growth of the union to grow from strength to strength.
Mr Romeo Odonkor, Deputy Internal Auditor represented the General Manager of Credit Unions Association Limited (CUA) and Mr) Daniel H. Kofi, the Regional Manager, (CUA) Limited Accra.
Representatives of Queen of Peace Catholic Church Credit Union, Madina and UPSA Credit Union were also in attendance.
GNA