WACCU to build on gains made in 2018 –Ex-Board Chairman

The Wa Community Co-operative Credit Union (WACCU) made a net surplus of GH¢ 130,426.12 between June 2018 and December 2018, immediate ex-Board Chairman of the Union, Naa Bawa Seidu, has said.

The amount was more than twice the total budgeted surplus of GH¢ 155,833.92 for the period. Mr Seidu said while addressing members of WACCU during its 2019 annual general meeting in Wa on Saturday for the financial year to render accounts to contributors.

The event was also to elect new executives including Board members, and Supervisory Committee members to oversee activities of the Union for the next four years.

Within the period, the Union made a total income of GH¢ 1,883,545.04 which fell short of its target income of GH¢ 2,180,423.59.

But Mr Seidu added that GH¢ 274,510.97 loan loss provision, was made to “cater for our deteriorating portfolio quality and for risk growth.”

The management of WACCU, according to him, was pursuing ten loan cases in court while 26 others had been handed over to Purple Holdings Debt Recovery services to recoup monies due the Union, without resorting to the court.

“These court actions, though expensive to the Union in money and time, are meant to send a strong signal that the Union will never renege to use the legitimate processes to defend the rights of its members and secure the Union’s resources,” Mr Seidu said.

The newly elected Board Chairman of WACCU, Mr John K. Seidu, pledged that the new board would work to ensure progressive and sustainable growth of the co-operative Union in both membership and financial bases.

He said they would do a feasibility assessment to map out districts and areas to extend their services and ensure its easy access by WACCU members for their mutual benefits.

As of December 2018, the Wa Community Co-operative Credit Union had 12,208 members with 10,747 fully paid up members, comprising 4,767 females, 5,939 males 1,502 groups and organisations.

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