By Philip Tengzu
Wa, (UW/R), April 28, GNA – The Wa Community Co-operative Credit Union (WACCU) has launched its 60th anniversary to celebrate the successes and impact achieved in the lives of its members and the Upper West Region within its six decades of existence.
The anniversary cake was cut during the Union’s 2025 Annual General Meeting (AGM) held in Wa at the weekend, which marked its 56th AGM and brought together over 5,000 members across the region and beyond.
Speaking at the event, Mr John Kofi Seidu, the Board Chairperson of WACCU, explained that it was a “vibrant and sustainable society that will continue to exist and impact the lives of many according to its vision and mission.”
He also announced innovations at the bank, including the introduction of a “short code” for banking and Automated Teller Machine (ATM) to be on par with the technological advancement in the banking sector and meet the changing needs of its members.
Mr Seidu reported that the bank made a surplus before tax of about GH¢3.7 million and assets of over GH¢67 million in 2024 but said there was more room for improvement.
He said they anticipated at least GH¢80 million in assets for the Union by the end of 2025.
An impact assessment conducted by the Union indicated it had significantly impacted the lives of its members and the region in diverse areas, including economic, agriculture, socio-cultural and the environment.
Presenting the assessment report at the AGM, Dr. John Bosco Baguri Sumani, the Consultant, indicated that some members of the Credit Union praised WACCU for its interventions that had impacted their lives greatly, especially economically.
According to the report, some Union members said they had easy access to business loans and emergency financial support and served as safe haven for their monies.
On agriculture, the report indicated that some members had access to loans to procure farm implements such as tractors, while others said they had access to farm inputs and extension services through the bank.
As a Union, WACCU not only served as a financial institution by extending financial support to the members, but it also built the social capital of members through social cohesion.
Dr Sumani also reported that WACCU was environmentally conscious in its activities and support to members and society through the provision of environmentally friendly farm inputs such as fertiliser and agrochemicals.
The WACCU Board also tabled two resolutions at the AGM – the budget and strategic plan for 2025 and a proposed dividend of 20 per cent for members, which were approved by the AGM.
Mr Abraham Dakurah, the Supervising Manager of WACCU, observed that loan delinquency was a major challenge for the Union and said it had a toll on the Union, citing that they wrote off GHS1 million in loans within the year under review.
GNA
CAE/LAA