UEW Co-operative Credit Union makes significant Economic Strides

By J.K.
Nabary, GNA

Winneba (C/R) Oct. 13, GNA – The University of
Education Winneba (UEW) Co-operative Credit Union has made a net surplus of GH¢905,888.76
as at June ending 2018 representing 56 percent increase against GH¢581,971.97
in the same period in 2017.

Mr. Steve V. Kamassah Chairman of Board of
Directors of the Credit Union disclosed this at the 18th Annual
General Meeting of the Union held at Winneba.

He announced that the Credit Union was able to
pay interest of GH¢530,157.39 in 2018 on its members savings as compared to GH¢461,779.54
paid in 2017, depicting a progressive rise of 15 percent.

He disclosed that, the Union’s total assets
increased by 49 percent within a year, growing from GH¢8,886,213.36 in 2017 to
GH¢13,202,498.68 in 2018 while member’s savings also grew from GH¢6,549,418.45
in 2017 to GH¢9,538,934.01 in 2018 an increase of 46 percent.

“The Union has investments forming 32 percent
of its total asset in conformity to meet Bank of Ghana’s requirement of a
Minimum of 20 percent, (this translate to GH¢4,253,852.24 against GH¢2,990,623.28
in 2017”.

On loans, the chairman said, an amount of Gh¢10,980,818.56
was disbursed to members in 2018 representing an increase of 91 percent against
GH¢5,746,122.67 in 2017.

He disclosed that, as part of the Union’s
Cooperate Social responsibilities, they donated three pieces of Cooler Box (Ice
Chest big sizes) and four bags of Poultry feed to the Effutu Municipal Assembly
as their contribution towards the 33rd farmer’s Day celebration as well as
donating dustbins, rakes, wheelbarrows and pickaxes to Mampong Garages

According to Mr. Kamassah, in spite of
frequent withdrawals by some of the members, they made significant strides in
building its investment base after having satisfied member’s loan demand.

He said the board also proposed a 25 dividend
on shares to encourage members to capitalize the Union of which the entire
members agreed upon.

According to him, on June 30, 2018, members
with minimum shares were 3,034 and total shares for them is GH¢1,221,111.47
representing an increase of 102 percent over the previews year’s shares of GH¢605,308.91.

He commended members who had bought more
shares during the financial year, saying the Credit Union Law LI 2225
(2015)  indicate that all Credit
Unions  are to do business with members
with minimum shares of GH¢100.00 only and appealed to members with less than
the stated minimum shares to buy  more
shares to  meet the said requirement.

“The Union would not have achieved such
success without the magnanimity of the management of UEW who have been
supportive to the union, of which we deeply appreciate such support and call
for their continuous support, confidence in the union and the leadership”, he

Rev. Father Professor Anthony Afful-Broni Vice
Chancellor (VC)of UEW said in a speech read on his behalf that, there as
management of the university, they acknowledged the various roles the members
of the Credit Union played to sustain it.

According to the V.C, the Credit Union
commenced with a mission to provide efficient financial assistance to its
members, and indeed “you have lived to the tenet of a cooperative as enshrined
in their core existence” and as a result it, you have shouldered the financial
burdens of staff of the university particularly when they have to pay school
fees and rents as well as in difficult times.


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