The Union had at the end of 2021 increased its membership from a previous figure of 14,532 in 2020 to 16,067 in 2021.
The 11 per cent increment in membership according to the Board Chairman of the Union, Mr John Kofi Seidu, contributed to the 40 per cent growth rate in profits made by the Union in 2021.
“Even though 2021 was challenging due to the devastating effects of the coronavirus (COVID-19) pandemic, the union was still able to raise a profit of GH₵711,515.41 as compared to the GH₵425,893.58 that was raised in 2020,” he said and indicated that the success was a result of several factors, including increment in membership of the union.
The board chairman stated this at the 2021 annual general meeting of the WACCU at Wa on Saturday.
The meeting brought together members, staff, management and board members of the union to discuss successes, and challenges for the last year and also deliberate on innovative ways to address the challenges for the union to sustain or increase its gains in the New Year.
Mr Seidu explained that the union would adopt very strategic methods to ensure that old members were maintained, and new members were brought on board through increased presence in the media as well as good customer service.
He stated that WACCU raised its revenue margin for the year under review and mentioned that the union drew in GH₵4,327,792.11 as against GH₵3,819,312.49 raised in 2020.
He indicated that even though the union increased its revenue margin for the year under review, certain specific indicators such as interest recouped on other investments made by the union reduced drastically, as compared to the previous year and said management would work assiduously to increase the tally this year.
He called on members of the union to support activities of the WACCU and also ensure its growth by ensuring that loans taken from them were duly paid to avoid embarrassment.
Adding his voice, the Chair for the Supervisory Committee of the Union, Mr Suleman Yusif, lamented that the union was not performing well in terms of loan recovery.
He stated that the union recovered only 3.50 per cent of loans that were given out to people, and said loan delinquencies was very rife in the union.
FROM LYDIA DARLINGTON FORDJOUR, WA