UCC Co-operative Credit Union makes profit

 

 

prof pixThe University of Cape Coast (UCC) Co-operative Credit Union has made a net surplus of GH¢344,284.42 for the 2013/2014 financial year representing an increase of 237 per cent over the previous year’s GH¢145,392.32.

Total assets of the union also rose from GH¢7,687.13 in 2013 to GH¢10,338,424.02 in 2014, representing a growth rate of 34.49 per cent.

The Chairman of the Board of Directors of the UCC Co-operative Credit Union, Emmanuel Owusu said this at the 19th annual general meeting of the union in Cape Coast.

The meeting also saw the inauguration of an ultra-modern office complex for the union to be used in augmenting its revenue generation.

The facility has a banking hall, offices, a conference room and office spaces for rental to business organisations.

Mr. Owusu explained that the performance was significant due to the challenges posed by the not too favourable macroeconomic environment during the period under review, and commended management and members for the commitment towards the expansion of the union.

He stated that the union would have to consider the numerous applications put in by prospective tenants, saying, “This will significantly increase the earning capacity of the union and hence, the returns on members’ investment.”

The board, he said, was in the process of procuring the necessary furnishing for the two conference facilities which he said, had shown indication of high patronage.

“It is expected that rent income from our project will start flowing in within the second half of the 2014/ 2015 financial year,” he explained.

He reiterated the need for the union to intensify its membership drive as part of its expansion policy to get on board many staff of the university as members, saying, “We will also explore the possibilities of admitting institutional members.”

The Vice Chancellor of UCC, Prof. D.D. Kuupole, in an address read on his behalf, commended the management of the UCC Co-operative Credit Union for initiating the office complex.

He noted that the completion of the project was a way of demonstrating the union’s commitment to the ideals of building a quality image for the Cape Coast metropolis.

“It is also a reflection of your responsiveness to a changing environment and a well-founded confidence in the credit union movement for the future,” he said.

Prof Kuupole noted that the formation of the credit union had reduced the pressure on the central administration with regard to granting salary advance, car loans and other facilities to the workers of the university.

The Central Regional Director, Department of Co-operatives, Godwin Gogovi, in an address, commended the union for its performance and urged on the board of directors, and management not to relent on their oars.

He urged them to adopt the highest point of corporate governance coupled with selfless leadership in the discharge of their duties.

He asked the leadership to give prompt information to members and also respect the decisions of the board.

From David O. Yarboi-Tetteh, Cape Coast

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