By J. K. Nabary
Winneba (C/R), July 16, GNA – Mr Charles A. Coffie, Board Chairman of the UEW Co-operative Credit Union Limited, has commended the ongoing microfinance sector reforms being implemented by the Bank of Ghana (BoG).
He described them as measures aimed at strengthening governance, risk management, compliance, and the overall stability of financial institutions.
He said the reforms also provided additional assurance to members that their savings and investments were protected under a strengthened regulatory framework.
Mr Coffie made the remarks while presenting the Board Chairman’s report at the Union’s 24th Annual Stakeholders’ Durbar in Winneba, held on the theme: “Empowering Members through Innovation and Efficiency.”
The durbar provided an opportunity for management and the Board to account to stakeholders on the Union’s activities during the year under review, present its financial performance, and strategise for future growth.
Mr Coffie announced that the Union was preparing to meet the regulatory requirements for licensing under the supervision of the Bank of Ghana through the Apex Bank structure established for credit unions.
He expressed gratitude to members for their unwavering trust, loyalty, and continued patronage of the Union’s products and services.
He said the Board remained committed to ensuring compliance with all regulatory requirements while maintaining the cooperative principles and member-focused values that had distinguished the institution over the years.
Mr Coffie described 2025 as a transformational year for the Union, noting that despite economic uncertainties and changes within the regulatory environment, it recorded significant growth and operational success.
He said the Board remained focused on strengthening governance, enhancing member value, embracing technology, and positioning the Union for sustainable long-term growth.
Touching on the national economy, Mr Coffie said Ghana recorded improvements in key macroeconomic indicators in 2025, including lower inflation and relative stability of the cedi.
However, he noted fluctuations in investment returns and policy rates within the financial sector.
However, through prudent financial management, strategic planning and the continued support of its members, the Union sustained its growth trajectory and improved its overall financial performance.
It also enhanced its digital service channels, expanded the functionality of its USSD platform and worked on deploying a Self-Service Machine at the Winneba Branch and Virtual Branch.
He stated that such interventions were aimed at reducing waiting time, improving service delivery and enhancing the overall member experience and also, two innovative loan products were introduced to meet the evolving needs of members.
According to him, a transport loan to support members acquiring and maintaining transportation assets for personal and commercial use was launched, while Obaatanpa loan was also introduced to empower women through accessible financing for business growth and other productive activities.
Mr Coffie informed the gathering that, the total Assets of the Union increased from GHc137.06 million in 2024 to GHc189.19 million in 2025, representing a growth of 38.03 percent, members savings also increased significantly from GHc102, 09 million in 2024 to GHc141.29 million.
He stated that loan portfolio expanded from GHc74.70 million in 2024 to GHc110.07 million, while members shares increased from GHc13.95 million to GHc19.69 million.
The net surplus for the year stood at GHc8.83 million in 2025, compared to CHc7.01 in 2024, representing an increase of 25.83 percent
Mr Coffie noted that the performance was driven by growth in lending activities, enhanced operational efficiency and increased member participants in the Union’s products and services despite the challenges of low return on liquid investment.
He said the Union also strengthened its investment portfolio with liquid investment increasing to GHc38.26 million, ensuring adequate liquidity and compliance with regulatory requirements, saying, as part of their Corporate Social Responsibility, they made donations to institutions and towards some activities in their catchments areas at improving life by reducing poverty.
“I appealed to all customers and shareholders/stakeholders who have been granted loans to honour their obligation since loans are not gift.
“As the Union moves forward, let us remain united in our commitment to build a stronger, very resilient and prosperous union with due regard to leadership transparency and integrity,” he added.
Some stakeholders who spoke to the Ghana News Agency after the meeting commended management and the Board for measures implemented to improve loan recovery and strengthen the Union’s financial position.
They urged the leadership to sustain the momentum and continue safeguarding the institution while contributing to the economic development of members and the wider community.
GNA
Edited by Alice Tettey/Lydia Kukua Asamoah