By Godfred A. Polkuu
Tongo (U/E), May 27, GNA –Gbeogo Teachers Co-operative Credit Union (GTCCU) Limited in the Talensi District in Upper East Region, has achieved substantial progress in its operations in 2024.
The union’s active membership increased from 989 in 2023 to 1069 in the financial year ending December 31, 2024, with a total asset growth from GH¢2,739,715.88 to GH¢2,789,250.45.
Its total net surplus also increased from GH¢56,730.98 to GH¢130,677.86, with total income increase from GH¢241,015.10 to 376,399.07.
Mr Maxwell Kambon Kpelim-etme, Chairman of the GTCCU, disclosed the achievements in a report delivered on behalf of the Board of Directors of the union at its 10th Annual General Meeting (AGM) held at Tongo.
The meeting which brought together members of the union within and outside the District, was themed: “Building a strong and vibrant credit union, a call for greater collaboration from all members.”
The AGM afforded members the opportunity to reflect on their performance for the financial year ending December 31, 2024, and to strategize for the 2025 financial year.
Mr Kpelim-etme further disclosed among other achievements the union’s grade score improvement from ‘D’ in the 2023 financial year to ‘C’ in 2024 and added that “With the support of our understanding members, our union’s office complex has been roofed.”
He, however, noted that while the union made significant strides, it faced some challenges including inadequate shareholding by members, high savings withdrawals and loan delinquency.
The Chairman further expressed concern about mounting pressure for loans, which were in breach of the loan policy, including inadequate collateral and failure to adhere to lending limits.
Touching on the theme of the meeting, the Chairman in the Board’s report, noted that the theme was a clarion call on members to see themselves as owners of the union and not just customers.
“It is a reminder to all members that the success of Gbeogo Teachers Co-operative Credit Union depends very much on the collective participation of the Board, management and more especially, you the members,” Mr Kpelim-etme said.
Madam Faustina Achana, the Regional Director of the Department of Co-operatives, admonished leadership and members to inject more energy and adopt strategies to improve the financial strength of the union and its members.
Mr Anthony Deme Kulaa, the Regional Manager of Credit Unions Association (CUA), observed that some members were knowledge deficient on shareholding and appealed to the Board of Directors to initiate education sessions for members on shares in subsequent AGMs.
He cautioned the Board and Committee members to stay off loan issues, saying “The Credit Union operates by law.
“There should not be interference on loan issues because we realized that some of the huge loans that are delinquent, are linked to some Board and Committee members.”
He urged members to endeavour to pay back loan facilities from the union to enable it to operate smoothly, and commended members for their contributions towards the union’s ongoing construction of a new office complex.
As part of the AGM, the Board and management of the GTCCU recognized and awarded Mr Sylvester Gariba Ateo, the Founder of the union, for his vision, guidance and contributions to the growth of the union.
GNA
Fatima Anafu-Astanga/ Kenneth Odeng Adade