By Erica Apeatua Addo
Tarkwa (W/R), Dec. 31, GNA – The Minescho Credit Union disbursed GH¢24.86 million in loans in 2024 to improve the economic well-being of its members, increasing its loan portfolio by 43.74 per cent.
Despite the significant growth in lending, the union maintained a healthy loan portfolio with a delinquency ratio of five per cent, reflecting strong credit discipline.
Enhanced credit risk management, member education on loan repayment, and improved loan monitoring systems contributed to the positive performance.
Associate Professor Anthony Simons, Board Chairman of the union, announced this at the University of Mines and Technology (UMaT), Tarkwa, during the 32nd Annual General Meeting (AGM), where he presented the 2024 annual report to shareholders.
He said the union recorded a 47 per cent increase in total assets by the end of the year, attributing the achievement to prudent financial management, increased member deposits, and steady growth in loan patronage.
According to him, strategic investments and efficient resource utilisation also contributed significantly to the strong financial performance.
Savings mobilisation remained a key priority throughout the year, and through sustained member engagement, tailored savings products, continuous financial education, and the efforts of field mobilisers, the union recorded a remarkable 44 per cent growth in savings.
He explained that the growth not only enhanced liquidity but also reinforced the union’s commitment to securing a stable financial future for members.
Professor Simons noted that membership, which remained the backbone of the union, grew by 26 per cent in the 2024 financial year, reflecting increasing trust and confidence in Minescho Credit Union.
“This expansion was driven by intensified member outreach, improved customer service delivery, and enhanced visibility of our products and services,” he said.
He added that interventions undertaken to improve efficiency and security included the adoption of improved digital systems, strengthened internal controls, continuous staff training, and enhanced customer service standards.
Reaffirming the union’s commitment to financial inclusion and poverty alleviation, Professor Simons said these principles remained central to its operations.
“Together, we will continue to embody the credit union spirit of people helping people,” he stressed.
Mr Mohammed Saani, an official from the Credit Union Association (CUA) Limited head office, noted that members’ shares stood at 9.4 per cent, slightly below the industry standard of 10 per cent.
He also observed that Minescho’s institutional capital stood at two per cent, compared to the recommended industry benchmark of 10 per cent.
He said while the union had performed well, there remained a significant gap to bridge to strengthen its capital base, enhance competitiveness, and secure members’ long-term financial future.
Mr Saani explained that improving members’ share contributions would enable the union to grant larger and more affordable loans for education, business ventures, housing, and emergencies, as well as pay higher dividends as surplus increased.
The AGM, chaired by Mr Christian Awute and Obrempong Yere Yaba, commended the Board, Supervisors, Committees, Management and staff for their dedication and outstanding performance.
They urged the leadership to remain focused and work towards achieving three times or more of the profits reported during the year.
Awards were presented to deserving members and staff. Mr Emmanuel Ackon was adjudged Best Worker, while Mr Joseph Blay and Mrs Hannah Gyawu received the highest shareholder awards for Tarkwa and Bogoso, respectively.
GNA
Edited by Justina Paaga/Audrey Dekalu