By Dorothy Frances Ward
Kumasi Oct. 07. GNA – The University of Education, Winneba (UEW) Co-operative Credit Union Limited has made significant strides in building its investment base after having satisfied its members’ loan demands and the investment in their office extension projects.
The Union had investment forming 21.68 per cent of its total assets in conformity with the Bank of Ghana’s requirement of a minimum of 20 per cent, which translated to GH₵19,353,853.02 in 2023 as against GH₵17,238,406.70 in 2022.
Mr Charles Coffie, the Chairperson of the UEW Co-operative Credit Union Limited, announced this at the 22nd Annual General Meeting (AGM) of the Union in Kumasi.
The meeting also marked 30 years of the establishment of the Credit Union.
Mr Coffie said the Union recorded an increase in net surplus in 2023, which amounted to GH₵54,743,807.90, as against GH₵3,478,945.62 recorded in 2022, representing an increase of 36.36 per cent.
The increase in net surplus he added, was because of granting more regular loans, an increase in non-financial income and investment surplus funds, though operating expenses went up due to the unstable economy during the 2023 fiscal year.
The Union was able to pay interest of GH₵2,708,446.43 in 2023 on members’ savings, depicting a progressive rise of 24.25 per cent.
The Chairperson of the union, the board had also proposed a dividend of 13 per cent on members’ shares, but it would be recapitalised in view of the infrastructural investment.
Total Shares of members is GH₵10,917,598.31, representing an increase of 36.63 per cent over 2022 shares of GH₵7,990,429.09.
Mr Coffie further indicated that members’ savings had also increased by 39.40 per cent despite the economic challenges and therefore, assured members that their monies were safe.
Mrs Christina Kilson, the Chief Executive Officer (CEO) of the Union, said the union sought to enhance its Information Technology (IT), infrastructure.
It introduced the Unstructured Supplementary Service Data (USSD), for convenience and operational efficiency.
The Union also developed and continued to support the development of the capacity of the board, committees, and staff, through training programmes to equip them with the necessary technical and behavioural skills to carry out their duties.
She also mentioned some physical office structure edification, which included the facelift of the Senya Breku Branch and Cape Coast Agency as well as providing them with affordable solar energy systems.
Professor Fredrick Kwaku Sarfo, the Vice-Chancellor of the Akenten Appiah-Menka University of Skill Training and Entrepreneurial Development (AAMUSTED), assured the union of the university’s support and urged the management to work harder to support the staff of the university financially.
Some members of the union called on the union executives to assist members acquire scholarships for their children to study abroad.
They also called for the introduction of applications of alerts and notifications of their financial statements on their phones.
GNA