By Agbaxode Emmanuel
Akatsi (VR), Dec. 5, GNA- Winners Cooperative Credit Union Limited (WINCCU), a leading financial institution in Volta and beyond has recorded an increase in savings from GHS 43,684, 269.41 in 2023 to GHS 72,042,556.09 in 2024 representing a growth of 64.92 percent.
Its total income for the year under review stood at GHS12,550,913.66 as against GHS 7,595,287.23 in 2023 representing a 65.25 per cent growth.
The Union has also indicated that its total union membership stands at 26, 044 in 2024, as compared to 16,927 in 2023, representing 53.90 per cent.
These indicators were released by Mr Samuel K. Avevor, Board Chairman during the 12th annual general meeting at the Union’s headquarters in Akatsi, on the theme: “Twelve Years of Growth, Celebrating Success, and Embracing Challenges for National Development.”
He revealed that their Net Surplus recorded a total of GHS 820,288.81 as against GHS 418,705.06 in 2023, representing a fall of 95.90 per cent growth, whilst their total asset base had also grown from GHS 51,104,858.01 to GHS 82,236,196.12, indicating 60.92 per cent growth for the year under review.
On Shares, Mr Avevor explained that the Union’s Share Capital Base had reached GHS 6,703,216.26 in 2024 as against GH₵ 4,709,923.08, representing a growth of 42.30 percent, and loans interest of GHS 6,490,290.75 as against GHS 4,551,592.12 representing a growth of 42.60 per cent, respectively.
“Mr Chairman, our reserve fund increased from GHS 2,278,635.33 to GHS 2,629,503.14, representing a 15.39 per cent growth rate,” he added.
Mr Avevor explained that all the items enumerated had seen significant growth “because the economy is gradually picking up in the country. I also have to emphasise that this growth would be sustained due to some plans put in place by BOD and management.”
He attributed the successes to the commitment and hard work of the various committees, management, and staff of the Union.
On their operational achievements, Mr Avevor, among other activities, said their outfit was able to open a branch at Mafi Kumase targeted at helping members who ply their trade there to have financial security.
“We have reduced dormant membership through one-on-one education to the barest minimum. We have intensified member education on regular savings, minimum shares, and how to use the short code (USSD code) *899*66# to make transactions.”
Touching on their Corporate Social Responsibility duties, he said they donated a total of 100 bedsheets to the Akatsi South Municipal Hospital, two sets of computers, and some accessories to the Akatsi Senior High Technical School.
“We were able to renovate the Akatsi South Municipal Electoral Office in which three other departments operate namely, the Births and Deaths Registry, the Ghana News Agency, and Forestry Commission.”
Despite the numerous achievements, Mr Avevor however, indicated that some challenges such as members’ frequent partial withdrawal of savings and shares, the inability of some Members to pay their loans regularly as scheduled, and some members who were finding it difficult to subscribe to the minimum shares of GHS300.00.
Mr Avevor assured that they would work relentlessly to ensure their projections and recommendations are met in the months ahead.
Dr Felix Kumedzro, Principal of Akatsi College of Education who was the Guest Speaker, said there was the need by WINCCU to deepen financial literacy, strengthen digital transformation, goof customer care, promote ethical leadership and good governance, support entrepreneurship, and local economic growth in other to contribute meaningfully to national development.
Members from the clergy, head of institutions, Mr Daniel Dagba, the Akatsi South Municipal Chief Executive, and others were in attendance with goodwill messages from sister Credit Unions, presentation of awards to deserving customers as well as the recognition of the founding fathers of the Union.
GNA
Edited by Maxwell Awumah/Linda Asante Agyei