The Swedru Teachers Co-operative Credit Union (STCCU) increased savings marginally from GH¢ 8,614,796.48 to GH¢ 9,519,807.83 representing an increase of 10.5 per cent.
The Board of Directors anticipated an increase of up to GH¢ 11,500.000,00 but panic withdrawals and closure of accounts had their toll on savings.
Nana Egyin Buadu, the Chairman of the Board of Directors of the STCCU, made this known at its Annual General Meeting (AGM) held at Swedru in the Agona West municipality of the Central Region.
The theme for the 17th AGM was: ‘Sustaining credit union gains through effective corporative governance’.
He said the Credit Union recorded a net surplus of GH¢641,229.15 in 2018, which was the lowest surplus ever recorded in its history compared to the 2016/2017 figure of GH¢ 817,017.50, indicating a decrease of 21.52 per cent”.
However, he noted, the net loan granted to members increased by GH¢5,948,717.01 to GH¢ 6,618,478.55, a marginal increase of 1.17 per cent.
According to the Board Chairman it was a deliberate policy of the Board to minimise the level of loans to shield the Credit Union from the persistent loan delinquency and intensify recoveries.
He said the investment of the Credit Union increased from GH¢2,113, 662.34 to 2,965,236.14, showing an increase of 14.02 per cent.
Nana Buadu said the Union’s total assets stood at GH¢13,318,012.95 in 2018 as against assets of GH¢11,811,132.43 in 2016/2017 representing an increase of 12.77 per cent.
He said the Union’s total income decreased from GH¢3,194,469.84 in 2016/2017 to GH¢ 2,275,760 in 2018, a decrease of 40.36 per cent.
Nana Buadu said the Board recommended payment of dividend of 10 per cent on ordinary shares and 15 per cent on preference shares all amounting to GH¢99,470.75 whilst interest on savings stood at five per cent totaling GH¢ 275,642.94 because of limited net surplus achieved.
Mr Joseph Acquaye, the General Manager of the Credit Union, called on the teachers in Agona West, East and Asikuma-Odoben-Brakwa municipality and the districts to join the Union, on which they could depend in times of difficulty.
He said it was not prudent to save monies on mobile phones and asked market women, teachers, businessmen and women to patronise the Union for quality and excellent customer care services.
The Union had developed more products in education, transportation, and health among others, which would create an enabling environment for both new and old members to derive maximum benefits.
He reiterated calls on loan defaulters to endeavour to repay their loans for others to enjoy the facility, adding that without payment it would be extremely difficult for the Union to give financial support to other members. GNA